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1.
As opposed to 'a little bit', "A LOTTA BIT" expands the value of a specified term to a greater extent.
Ricardo: How much you miss that trick, a little bit?
Johnson: Nah B, a Lotta bit.
by NECKNOTMINE January 25, 2009
 
2.
not a little bit; more than you can imagine; a whole fucking lot
i love you alottabit.
you fucked up alottabit
by grrfuckingrr February 18, 2009