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Phrase originally made famous on the old ABC's Wide World of Sports show that aired on Saturday afternoons. A hapless ski jumper fell off the jump and had the misfortune to have that little video clip replayed about a zillion times over the years.
Antonym is Thrill of Victory
Bringing you the wide world of sports, where you can experience the thrill of victory and the agony of defeat all within the comfy confines of your living room.

He blew that $1,000 Nassau and then got fired for letting down the Chairman's team - talk about the agony of defeat.

by AdamanEve February 26, 2006
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A feeling, the pain you get when you do not win. A substantial loss, or failure to complete a task.
"I know we cannot win Ohio despite the provisional ballots"
by Nikthenyetminder November 17, 2004
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