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While "to wank" means "to masturbate", the term "wanker" is seldom if ever used in British slang to denote "one who wanks". It is quite wrong to infer from somebody's being a wanker that they in fact wank (and vice versa), but of course, fair to assume they do in any case. Herein lies the genius of the insult: if you call someone a wanker, it's probably true, but only literally.

I suppose it all originates from our repressed Victorian sexualities, from back when everybody thought they were the only ones to suffer the secret shame of being an actual wanker.

Most children these days learn the word "wanker" long before they learn its literal meaning.
You're such a wanker.
Oh gosh! How did you know?

He lost both of his hands in a childhood kiting accident.
What a wanker!
by anonymous May 31, 2004
A cheifly British term used to identify one who masturbates.
"Get that kid off my ice you little wankers!"
by Frost March 12, 2004
The other contributors are correct in the literal meaning of the word as "one who masturbates", however in Australia, it is used more like a slightly more vulgar synomym for words like fool or idiot
Did you know Brad got fired again for stealing from the boss - what a wanker
by Bruno January 15, 2005
A man that enjoys masturbation also a common insult.
Don't be such a wanker!
by SarahSpastic May 12, 2008
The U.K. equivalent of the U.S. noun "jerk", in that they both originated in calling someone a masturbator but have long since evolved into a general way of describing one as an unintelligent, nasty fool. "Wanker" most often means dolt or moron whereas "jerk" more often implies malevolence.
The bloody wanker can't even follow my most basic instructions.
by jawbone April 22, 2010
n. English Slang - A fellow road user. see also asshat cunt fucktard
'Thanks for cutting me off, you wanker'
'A really great turn wanker'
by Nouvelleaube August 13, 2005
1. a contemptable person; jerk.
2. a male masturbator.
"You always take the last of the Fruit Loops, you wanker!"
by Glenanne August 24, 2007
Literally one who masturbates. Used as a derogatory term, similar to "bastard" or "asshole", chiefly in the United Kingdom.
(Bono talking to Homer)
Edge (to Larry): Oh here we go again. What do you say we slip out to Moe's for a pint?
Adam: Can I come?
(Edge and Larry Exchange glances)
Edge: No.
Adam: Wankers.
by Flannel Flyer May 07, 2005