Green’s Dictionary of Slang

1. (US) a sexually promiscuous man.

1926		Wood & Goddard Dict. Amer. Sl. 25: jazz-baby. A cuddly cutie strong for a jazz life. jazz-hound. A male jazz-baby.
1929		E. Dahlberg Bottom Dogs 263: Jack Gray, who was a jazzhound in more than one way before his several operations, still played around Solomon’s Dance Palace.

2. (S.Afr.) a womanizer.

1963

L.F. Freed Crime in S. Afr. 102: Dagga in the form of ‘reefers’ was being used [...] by young men, known as ‘jazz hounds’ and ‘lounge lizards’, for the purpose of seducing and prostituting women and girls.

3. (S.Afr. gay) a heterosexual male prostitute, one who services women only.

2003

K. Cage Gayle 77/1: jazz hound n. heterosexual male prostitute who only services females [Johannesburg, 1930s].