Etymology
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welch (v.)

1857, racing slang, "to refuse or avoid payment of money laid as a bet," probably a disparaging use of the national name Welsh. Related: Welched; welching.

updated on October 15, 2012

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Definitions of welch from WordNet

welch (v.)
cheat by avoiding payment of a gambling debt;
Synonyms: welsh
From wordnet.princeton.edu, not affiliated with etymonline.