"LSP" is the pinyin abbreviation for 老色批 (lǎo sè pī).
老 (lǎo): Literally means "old." In this context, it's used as an intensifier, similar to how English uses "hardcore" or "veteran." It doesn't necessarily refer to age; it implies someone is seasoned, habitual, or to a significant degree.
色 (sè): Literally means "color," but its primary slang meaning is "lust," "lewdness," or "obscenity." It's the same character in words like 好色 (hàosè - lecherous).
批 (pī): This is the key to the term's modern edge. Originally a vulgar term for female genitalia (similar to "cunt" or "pussy" in English), its usage here is heavily softened by internet culture. It serves as a blunt, reinforcing suffix that makes the whole phrase sound more gritty, meme-worthy, and less formal than its predecessors.
So, a literal translation of 老色批 would be something like "hardcore lewd person."
Nuance and Common English Translations
Horny Dog / Old Pervert: This captures the lecherous and sometimes slightly creepy connotation.
Degenerate: A very popular translation in online communities, especially among anime/gaming fans, as it carries a similar self-deprecating and humorous tone.
Simp: While not a direct synonym, "LSP" is used in overlapping contexts where someone is overly thirsty for a content creator or fictional character.
Lecher / Horndog: More straightforward terms for a lustful person.
How and When It's Used
The term is incredibly versatile:
Self-Deprecating / Humorous: This is its most common use. People will call themselves "LSPs" when they admit to liking attractive characters, fan service, or beautiful streamers.
Example: "I only pulled for this character because she's so pretty, I guess I'm just an LSP." (我抽这个角色就是因为她太好看了,哎,我是个老色批罢了.)
Descriptive / Teasing: Used to describe someone else's behavior in a funny, non-malicious way.
Mildly Insulting: It can be used as a genuine, though not extremely harsh, insult if the context is less friendly, implying someone is lecherous or has a one-track mind.
The Evolution: 老色批 vs. 老司机
You might also hear the related term 老司机 (lǎo sījī), which literally means "old driver."
Originally: It referred to experienced, skilled drivers.
Internet Slang: It evolved to mean a "veteran" or "expert" in any field, especially someone who knows the "ropes" or the hidden "inside knowledge" of the internet.
The Connection: Because a lot of this "inside knowledge" involved adult content, "老司机" became strongly associated with people who were experts at finding and sharing such content. It's a slightly more euphemistic and "veteran"-focused term compared to the more blunt "老色批."
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I pluck this from My VR Games Terrify the World, Chapter: The Players Are Crying in Despair