Etymology
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gip

attested from 1840 as an abbreviation of gipsy (also see gypsy). Also see gyp. Related: Gipped; gipping.

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Definitions of gip
1
gip (v.)
(sometimes offensive) to cheat or swindle;
Synonyms: gyp
2
gip (n.)
(sometimes offensive) an act of swindling or cheating;
Synonyms: gyp
From wordnet.princeton.edu