Green’s Dictionary of Slang

gigolo v.

[SE gigolo, a professional male dancing-partner or escort; a ‘kept’ man. Formed c.1920 as a masculine version of the French gigole, a tall, thin woman and hence a woman of the streets or public dance-halls. One ‘who lives off women’s money [...] one of those incredible and pathetic male creatures, who, for ten francs would dance with any woman wishing to dance in the cafés, hotels, and restaurants of France’ (Woman’s Home Companion, 1922)]
(US black)

1. to steal a friend’s lover, to cheat on one’s lover or partner.

[US]E. Folb Runnin’ Down Some Lines 133: To gigolo, to tip, and to trip up on someone all connote sexual infidelity.

2. to fool, to hoax, to deceive.

[US]E. Folb Runnin’ Down Some Lines 98: A number of the terms [...] to run a game, and to gigolo, imply pulling the wool over another’s eyes.