Green’s Dictionary of Slang

soak v.2

also soak it to
[var. on sock v.1 (1)]
[late 19C+]

1. (US) to hit.

2. (US) in fig. use, to give, to punish, to criticize.

3. (orig. US) to overcharge or charge a high price, to tax heavily, to extort money from, to cheat; thus soaking n.; soak on v., to increase a price.

4. (orig. US) to win money from; thus in passive, to be beaten, to lose.

5. to cheat in non-financial contexts.