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Bottoms up! /bɒtəmz ’ʌp/ 

(expression) (informal) Usage note: This term is used by many speakers.

A phrase used when people are having (usually alcoholic) drinks together and raise their glasses before drinking. It is similar to ‘Cheers’, or ‘Skol’, ‘Salut’ or ‘Gān bēi’ in other languages. 

Example: Something with Vodka would be great, thanks Bartender! Bottoms up! (http://www.horseyard.com.au/index.php?option=com_fireboard&Itemid=219&func=view&id=3045&catid=3&limit=10&limitstart)  

Three friends having a drink together and saying 'Bottoms up!'

(photo by Janine Donnell)