Entry from British & World English dictionary
noun (plural wallies)British informal
1960s: perhaps a shortened form of the given name Walter. There are many theories of the origin: one story tells of a Wally who became separated from companions at a 1960s pop festival; the name, announced many times over a loudspeaker, was taken up as a chant by the crowd.
Definition of wally in:
- The British & World English dictionary