This statement is often used in place of "touché". However, "well played" shows more class. The proper use is when one has been defeated or has lost in a battle of words.
A: You realize that I just beat you at chess and in the argument about who would be a better president.

B: I know. Well played.
by BMWMUNK December 7, 2004
To get killed by a player camping or spamming. To the point it bothers you.
Well played, i was killed by a camper.
by Mekhiz November 7, 2018
To have done something well. Often said while pretending to hold a monocle to the eye by making a circle with your fingers, or shaking the other persons hand. Usually said after being proved wrong. Originated in Pine Bush High School.
"Columbus sailed in 1490"
"Actually it was 1492"
"...well played.."
by fxdude123 October 14, 2011
Could be used in reply when somebody says something sexy or if you approve of something
Person 1: I'm doing my homework on my desk this time instead of on my my bed as usual
Person 2: Damn! I wish I was your your homework!
Person 1: Hahaha Well played ;)
by LazyDragonZapper November 27, 2011
Well played is usually used in the occasion when someone either does something or completes a task correctly and or does the opposite and fails miserably.
"Jacob attempts a backflip and falls on his face, well played says the crowd"
"Eamon answers a question in class incorrectly, well played says Athan"
by Senpai Graham October 17, 2017
The baseball equivalent of touche.

Originating from the popular MLB commercial on Youtube where Joe Mauer gives proof of his bikini-clad trip to Cabo with the host, with a photo in a frame, after the host denies ever going.
"My hugs can cure anything!"

'Even cancer?"

'Well played, Mauer."
by whiteeagle August 12, 2010
A fancier alternative to 'owned' or 'pwned'.

Can also be used as a compliment for a particularly good comment or as an admit to defeat after being owned.
Tom: Goddammit, why is my drain clogged again?

Bob: Because I came in it.

Tom: ...well played, sir.
by Scarletter May 31, 2010