Green’s Dictionary of Slang

peek v.

also peak
[? SE peek, in the context of children’s games]

(Aus.) to surrender, to give in.

[Aus]W.H. Downing Digger Dialects 38: peek (vb.) — Give in; yield.
[Aus] ‘Whisper All Aussie Dict.’ in Kings Cross Whisper (Sydney) xxxviii 10/1: peak: To give up for finishing anything.
[Aus]R. Aven-Bray Ridgey-Didge Oz Jack Lang 39: Peak Concede defeat.
[NZ]McGill Dict. of Kiwi Sl. 124/1: will you peek? are you giving up? Probably from the question asked in card games involving trumping.
[NZ]McGill Reed Dict. of N.Z. Sl. [as cit. 1988].

SE in slang uses

In phrases

peek out (v.)

(US black) to appraise someone sexually.

[UK]J. Mowry Way Past Cool 82: Lisa Thompson in fifth period all the time peekin you out, man!