A Chucklewang is an accumulator bet where all individual bets that make it up have very short odds.

The odds are so short that others laugh when you brag that the accumulator bet has come in.
“Hey man, my elevenfold accumulator has come in!”

“Wow how much you make?”

“Er... not that much actually”

“Ha, what a chucklewang!”
by Bísclâitier January 5, 2019
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