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1. Acronym for the National Invitation Tournament, a men's college basketball tournament held in New York City's Madison Square Garden every March at season's end.
2. As it is considered secondary to the more prestigious NCAA men's tourney, it is often thought of as the championship for 73rd place, as the NCAA selects the top 72 college teams in the country, leaving the NIT to choose from the next best 32 teams.
3. What most average American Joes are actually living to achieve in their rather ordinary, mundane lives, whether consciously aware of it or not.
Gus : y'know Zach, when you really get down to it, most of us muckety-mucks are struggling every day just to get that NIT bid of life.
Zach : what ? Y'mean we're all out here battling for a spot between 73rd and 105th place ?

Gus : Yep.
Zach : you could be right, partner.
by Virgin Suicides May 21, 2017
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Nit in this specific case means โ€œnot litโ€, or not cool.
Abby is Nit compared to Will.
by Littierthanyou June 08, 2018
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gambling term. usually found in poolrooms. Refers to:
1. Someone who's so afraid to lose a bet that they have to be coddled and convinced for an hour that they're going to have a great time and probably win, too. Eventually they may play, but by the time they get on the table the stakes are so low the table-time will eat any winnings you make.
2. someone who won't play unless they have a guaranteed sure win.
3. someone who'll squeeze a dollar 'til george's eyes pop out of the paper.
that guy's such a nit- he wouldn't bet a nickel that water's wet.
by blah blah December 24, 2004
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A nit in poker is only playing premium starting hands and afraid to put in money without the absolute nuts. Pretty much similar to a rock. In lower stakes games this style is working marginally because the bad players don't pick up on their habit and pay them off anyway. Any decent player can crush them though which is why you generally won't see a nit in higher stakes games.
That guy is a complete nit. He hasn't played a hand for the last hour.
by xgamer April 02, 2008
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Poker term describing a player who plays in a boring and predictable manner and is unwilling to bluff or gamble.

Typically, but not always, this player will only play solid starting hands, won't play early position without premium hands, doesn't defend the blinds, won't flat from the small blind in a multi-way pot without a decent hand, won't up the stakes in a home game etc. This person will tend to avoid gambling without an edge, whilst at the same time will take full advantage of any free drinks and/or food offered by a casino.
Kris: Let's play for bigger blinds this weekend, it's my birthday.
Mark: No.
Kris: You are such a f**king nit.
by KrisBuckley March 08, 2014
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Also known as Niggas In The Struggle which is inspired by the gang wars in the deep ghetto of Los Angeles. It is used to describe a black person in the sense of failure and such.
bob: that guy can't run and hes black!
jadondon: hes a NITS
by jadondonmafia555555555555 November 24, 2009
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south, used to agree with someone instead of i know
if some one says that movie was off tha hook and the other person says n'it
by JIF March 25, 2005
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