chuck up the sponge

VERB
19 LETTERS · STARTS WITH C

chuck up the sponge is a valid 19-letter word worth 35 points in Scrabble and 41 points in Words with Friends.

SCRABBLE WORDS WITH FRIENDS
C3H4U1C3K5U1P3T1H4E1S1P3O1N1G2E1
3 + 4 + 1 + 3 + 5 + 0 + 1 + 3 + 0 + 1 + 4 + 1 + 0 + 1 + 3 + 1 + 1 + 2 + 1 =35 PTS
DOUBLE WORD → 70TRIPLE WORD → 105
MEANING

What does chuck up the sponge mean?

VERB · 1 SENSE
1

Give up in the face of defeat of lacking hope; admit defeat.