To defeat someone completely and thoroughly in a game or competition, or to blend something into a smooth, creamy mixture.
The 'defeat' sense is slang from American English (mid-20th century), likely from the image of something being churned into submission; the 'blend' sense comes from Old French 'creme,' which traces to Latin 'crema' (cream).
The word 'creamed' borrowed its meaning as a sports term through the creative minds of kids and athletes who needed vivid language—imagine something smooth and defeated, blended away into nothing—showing how slang often uses food words metaphorically.
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