Green’s Dictionary of Slang

wanker n.

[wank v. (1), note late 19C Yorks./Norfolk dial. wanker, a simpleton; Partridge suggests origin in ‘late C.19’ but offers no evidence]
[1940s+]

1. a masturbator.

2. (also wank) a general derog. description of a lazy, incompetent, unpleasant person.

3. [1970s+] (Aus., also wank) a pretentious individual or object.

4. (US campus) an undesirable situation or thing.

5. the penis.

6. see wank-pit under wank v.

In compounds

wanker-faced (adj.)

a general derog. description.

wanker’s doom (n.) (also wanker’s colic, whanker’s doom)

[1940s+] (orig. RAF) a fig. unpleasant fate.

wanker’s whist (n.)

masturbation.

In phrases

go like a wanker’s elbow (v.)

[1990s+] to be extremely busy.