Green’s Dictionary of Slang

1. (UK gambling) to lose one’s money.

1824

History of Gaming Houses & Gamesters 13: [T]hey all got dished, done brown, basted [...] or wiped out.

2. of a man, to have sexual intercourse.

1836		‘Jack’s Jobs’ in New Cockalorum Songster in Spedding & Watt (eds) Bawdy Songbooks (2011) II 20: He then went to the cook, / With her to have a slice, / [...] / So he basted well her meat, / Till he made the fat run over.
1888–94		‘Walter’ My Secret Life (1966) II 406: A narrowish sofa, a modern cheap bit of furniture unlike the grand big one in mother’s house, on which many a servant had her cunt basted by me.

3. (US black) to attack or ridicule someone behind their back.

1974

cited in C. Major Juba to Jive (1994).