It means that you play the field. You go out with a lot of different girls. It also means that you play with their emotions. You may think that it a good thing to be labled a player but if you were a girl you would be called loose or easy.
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If a guy is a player it means that he loves to have more girls loving him. They like to play with girls emotions and feelings, for their own pleasure.
They might also tell you how much you mean to them and how much they love you, but it is up to you if you want to believe them.