The word 'gipped' is an informal term that refers to being cheated or scammed. When someone uses deception or deceit to gain an undeserved advantage, it is often described as gipping. There are many other words and expressions that can be used to convey a similar meaning. You might talk about being ripped off, conned, swindled, hoodwinked, defrauded, or duped. Alternatively, you could say that you were taken for a ride, fleeced, bilked, or had the wool pulled over your eyes. Whatever the term, it generally implies a feeling of being let down or betrayed.