Men please explain this. What does 'I'm single and dating' mean?

I want to make this a topic of discussion because as a woman I don't understand what 'I'm single and dating' means'. When asked by Toolz in The Juice interview if he was dating, Banky W said, "I'm still very much single" and then he added. "I'm single and dating."

I know a lot of guys understand what he means by that, so please explain to us ladies. I'm thinking he means he doesn't have an official girlfriend or anyone he's serious with, but has a woman/women he takes out and chops any how...lol. I don't have a girlfriend but I get my groove-on on a regular basis. Is that what single and dating means? And are some women OK with being in situations like this?