GYP Meaning of GYP in English [gyp] n [prob. short for gypsy] (1750) 1 Brit: a college servant 2. a: cheat, swindler b: fraud, swindle [2]gyp vb gypped ; gyp.ping (1880): cheat Merriam-Webster English vocab. Английский словарь Merriam Webster. 2012