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the phrase 'jake the snake' refers to a game, which tests one's ability to jump over a rope, the 'snake,' who happens to be named jake.
Jako is a nickname for the name jake, however it is kind of dumb, for the simple reasons that it is 1) the same length and requires the same amount of effort as just saying jake and 2) is just generally odd. In my experience, it's just a general dissapointment.
Jako is a really stupid nickname!