offensive slang A business that charges excessive or exorbitant prices, especially for substandard products. "Gyp" is likely a shortening of "Gypsy," a term once used to refer to the Romani people, who have historically faced prejudicial preconceptions of being untrustworthy. Don't go to that store, it's a total gyp joint. Their prices are too high, and all their stuff breaks within weeks. You're bound to get ripped off if you go to that gyp joint, man.
Farlex Dictionary of Idioms. © 2015 Farlex, Inc, all rights reserved.