Meaning

noun a swindle in which you cheat at gambling or persuade a person to buy worthless property

verb deprive of by deceit

originPerhaps from the term gypsy (“Roma”), due to a stereotype of the Roma as swindlers. Compare jew (“defraud”), from Jew, and welsh (“swindle by defaulting on a debt”), from Welsh. Could also be derived from dupe, with the same pattern (yod coalescence) as idiot becomes eejit in Scottish English.

Etymology from Wiktionary, CC BY-SA 3.0