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A money shot occurs when a male ejaculates outside of a vagina or anus. A money shot is otherwise described as an external climax.
The term money shot is used to refer to a visible male climax. In the past, male pornography stars did not commonly ejaculate visibly on camera. These days, a money shot is common in both heterosexual and homosexual pornography and ejaculation will often occur visibly on the body of a partner.