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The gag bit is a type of bit for a horse. With two sets of reins, the gag bit gives a rider the ability to use either a standard direct action or a gag action. In this, the gag bit is related to a Pelham bit and a double bridle. Unlike these, however, the gag bit has no curb strap.
A display of pretended feeling or an outright imitation; act, shtick: So he does his hurt-puppy-dog bit/ You should see my Jimmy Cagney bit (fr theater) A person's particular set of attitudes, reactions, behavior patterns, etc; style; lifestyle; thing: Zen never was my real bit (1950s+ Beat & cool talk)