What does Ballit mean? October 20, 2017 All Dictionary Ballit meaning in Urban Dictionary A. The low priced incarnation of a baller, ie. "baller-light".B. One possessing the attitude of a 'baller', sans the cash, cloths, bling, street cred, rims, bitches, and it has yet making it huge. Most likely wont.C. Qualities of cheep-ass-ness.