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1.
When something is understated, and is in fact more useful/fun/good than expected.

Originates from the Itbox games in pubs/bars, where a game is said to 'pay out' if it is easy to win and extract free money from.
'Jonesy, I can't believe you spent £500 on a Foosball Table'

'Nah man, it's paying out, you'll see in a month or so...'
by AdamWest9991 February 10, 2012