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1.
Meaning exactly what it says, you better hope.

I originally heard it in Florida, Tampa bay area. Most people use the term improperly. Look @ Examples.
Improper:

Guy 1: You're so gay.
Guy 2: You better hope.

Proper:

Guy 1: I got the money I owe you.
Guy 2: You better hope.

Proper+Akward:

Guy 1: Good thing you like women, because us two guys hang out quite a lot.
Guy 2: You better hope I like women.
by UrbanNinjanary April 26, 2010