From The Collaborative International Dictionary of English v.0.48 [gcide]:
Gyp \Gyp\ (j[i^]p), n. [Said to be a sportive application of Gr.
gy`ps a vulture.]
A college servant; -- so called in Cambridge, England; at
Oxford called a scout. [Cant]
[1913 Webster]
From WordNet (r) 3.0 (2006) [wn]:
gyp
n 1: a swindle in which you cheat at gambling or persuade a
person to buy worthless property [syn: bunco, {bunco
game}, bunko, bunko game, con, confidence trick,
confidence game, con game, gyp, hustle, sting,
flimflam]
v 1: deprive of by deceit; "He swindled me out of my
inheritance"; "She defrauded the customers who trusted
her"; "the cashier gypped me when he gave me too little
change" [syn: victimize, swindle, rook, goldbrick,
nobble, diddle, bunco, defraud, scam, mulct,
gyp, gip, hornswoggle, short-change, con]