"to cheat, swindle," 1889, American English, probably derived from the colloquial shortening of Gypsy (cf. gip). Related: Gypped. As a noun, "fraudulent action, a cheat," by 1914.
gastric inhibitory polypeptide
: a gyp joint/ gyp termsnoun
To cheat; swindle; con: We got gypped out of it all in two days