Lowball

The word Lowball has several senses:

1. Also known as low poker, any of a number of poker variants in which traditional hand values are reversed, so that the lowest-valued hand wins. There are several interpretations of this idea: see Poker/Low hand for the specific methods used.
2. A class of alcoholic beverage: an unmixed drink served on ice or water in a short glass (a back-formation? from highball?).
3. As a verb, to underestimate or understate a price, for example in bargaining for a purchase.