Meaning of BASKET in English
An exclamation frequently made use of in cock-pits, at cock-fightings, where persons refusing or unable to pay their losings, are adjudged by that respectable assembly to be put into a basket suspended over the pit, there to remain during that day's diversion: on the least demur to pay a bet, Basket is vociferated in terrorem. He grins like a basket of chips: a saying of one who is on the broad grin.
Slang English vocab. Английский сленговый словарь. 2012