A 2 bits eek is the "one armed bandit"gambling machine which either eeks out your money 2 bits at a time til you eventually empty your pockets and exclaim, "eek, my money's all gone", or you scream,"eek!" when you hit the right combo, the machine lights up, growls, bells ring, and then loudly spits out so many quarters , you nearly get a hernia trying to get the flimsy plastic bucket to the cashier.
Guy #1 -"I spent half the night sitting trance like at the 2 bits eek machine
which netted me absolutely nothing."
Guy # 2 - "You mean the one armed bandit?"
gUY #1 - " Yep, it eeked out my whole paycheck before I quit!"