Etymology
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wanker (n.)

1940s, "masturbator," British slang, from wank "to masturbate," of unknown origin. General sense of "contemptible person" is attested from 1972. Compare sense evolution of jerk (n.).

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Definitions of wanker

wanker (n.)
terms of abuse for a masturbator;
Synonyms: tosser / jerk-off
From wordnet.princeton.edu