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1.
Combination of Milk and Nickel (5 cent piece).

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 know a milkel when I see one, I fold".
"I knew he had me beat when he bet that milkel".
"That ain't no milkel, hes bluffin'".
by w.phx.az March 10, 2009