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When someone decides to opt out of a rather nerve racking task, instead of just growing some gonads and doing it.
Mike "yeah, Matt was gonna go on Oblivion at Alton Towers, but he totally bottled it."

Mark "yaaaaaaaay, jellies!"

or

after witnessing his love interest deciding to give the rollercoaster a miss, Matt then asked the attendant "can I bottle it aswell?"
by Mirrorrim August 13, 2007
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2
when a person loses because of nerves, often completely losing his/ her ability.
Steve Davis was 10 - 9 up but bottled it on the black and lost the match.
by tinkytot August 08, 2008
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