Past tense of 'gip,' meaning to clean fish by removing the guts and gills, or to cheat or swindle someone.
From the verb 'gip,' likely of onomatopoetic origin or derived from Middle English. The term evolved to mean both the physical act of gutting fish and, colloquially, being cheated or deceived.
The double meaning of 'gipped'—both literal fish-cleaning and getting cheated—shows how fishing vocabulary traveled into slang; fishmongers' work was common enough that everyday people borrowed their language for betrayal.
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