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4.
A bandit with one arm.
Such as that guy in the Twin Peaks movie. I don't think he was a bandit. He did have one arm though.
by Dave October 13, 2003
 
1.
A slot machine, Named after the 'old' era of slot machines with the arm on the side you pulled down. This was prior to modern era push button machines.
That slot-jockey has been playin the one armed bandit for hours.
by PG January 26, 2003
 
2.
When a woman during sex puts a penny in the mans mouth and then pulls down on his erection.

If nothing happens, complain that he should have paid out
I pulled a guy from the casino and taught him how to play one armed bandits, luckily he didn't choke
by tall juggler April 26, 2011
 
3.
A bloke with a ruined gag reflex who hangs around toilets in Norfolk offering 'extras' to other blokes using the facilities.
So named as 1 arm is much larger than the other due to the amount of repeated 'stroking' of other mens cocks it performs, usually for £5 or less.
Gayboy 1 - "Hey Julian, please can you hold my Babycham, I'm off to the little boys room"
Gayboy 2 - "OK, but you'd better not have a go on the One Armed Bandit while you're in there!"
Gayboy 1 - "I won't I promise, girl"
Normal bloke from the North - "You queers disgust me"
by David Wild July 10, 2008
 
5.
A man with one arm (sometimes with the addition of an eyepatch) who skulks public restrooms for anonymous sex acts.
The one armed bandit has been hanging around the public bathroom all morning.
by Cecil January 26, 2003