When a player bets the minimum bet in a poker game to milk the other players out of another nickel. This is done when a player knows he has the best hand, but doesn't want to bluff the others out of the game. He'd rather get a few more nickels than nothing.
Can be used for bets larger than 5 cents, but a milkel is only a milkel if it is the minimum bet allowed during that game.
"I knew he had me beat when he bet that milkel".
"That ain't no milkel, hes bluffin'".