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rainbow gambler 

Rainbow gambler is term used in the middle and north of the UK to describe a compulsive and erratic gambler of limited financial status - the bottom feeders of the gambling fraternity. The term meaning they are always chasing that pot of gold at the end if the rainbow but always coming up short
Danny is a rainbow gambler, he had hardly any money to pay his bills but gambles it all, the guy is a loser

rainbow bondage bear

A stuffed representation of the relationship of Larry Stylinson from One Direction
The rainbow bondage bear represents Larry Stylinson

Rainbow thot 

Your average LGBTQ thot wearing a rainbow shirt, who thinks she owns the world
Hey Koa look that rainbow thot wants your ice.
Rainbow thot by A_Five_Year_0ld February 22, 2019

Rainbow Drinker 

A term used in the webcomic Homestuck.

A Rainbow Drinker is a troll who drinks other troll's blood.

Basically like a vampire.

It is called RAINBOW Drinker because troll's blood comes in a variety of colors depending on the troll.
*SPOILER*
*ALERT*

Kanaya becomes a rainbow drinker after she is killed by Eridan.
Rainbow Drinker by Allisterr October 10, 2011

rainbow capitalism

when big corporations pretend to support gay people and trans people but they actually just want more people to buy their stuff
Person A: Hey look, there is a trans man in the new Gillette commercial!

Person B: Don't get your hopes up, it's just rainbow capitalism
rainbow capitalism by vejtics June 2, 2019
Word of the Day on January 27, 2022

Rainbow Wings 

The labia of woman following the mixture of cum and period fluid. (2) The cunnilingus of a woman, typically performed by her cuckold after her bull ejaculates in her vagina during her period.
That “Red Bull” gave my wife rainbow wings.
He is a vegetarian, he only eats his wife’s rainbow wings.