Green’s Dictionary of Slang

to place someone who is unable or unwilling to pay their gambling debts in a basket suspended above a cockpit; thus an excl. demanding such punishment.

1785, 1788, 1796		Grose Classical Dict. of the Vulgar Tongue n.p.: Basket, an exclamation frequently made use of in cock pits, at cock fightings, when 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.
1792		Sporting Mag. Nov. I 105/1: Being ‘basketted’ [...] consists of a person being put into a large basket and drawn up to the roof of the Cock-pit for foul play.
1811		Lex. Balatronicum [as cit. 1785].
1823		‘Jon Bee’ Dict. of the Turf, the Ring, the Chase, etc. 7: Basket. — At Cock-fights, when a man bets beyond what he can pay down, he observes he will go in the basket, or owe so much.
1834		‘Jack Downing’ Andrew Jackson 101: The gineral [...] was never basketed at a cok-pit, or squaddled in a fite.