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3.
Treated someone like the Welsh have been throughout history, that is ripped off. So the winner of a bet may recieve a welsh prize - nothing. From the outdated adjective welsh - meaning disadvantaged(in poverty and fate).
TheTruth : Yeah Dave did win the bet but I think he may be Welsh so it doesnt count.
Dave : I've been welched
by anothermadeupname April 20, 2010
 
1.
so drunk death is your near future a trip to the hospital is also an extreme possibility
Dude i was welched last night supposedly i made love to a jar of peanut butter.
I was welched last night, I had to go to the hospital and they stuck a cathater in my pee hole.
by Asianpersuasion012 December 21, 2008
 
2.
evaded reparation or satifaction of a debt, sometimes by citing a technicality
that fucker welched on the Giants - Eagles (he bet they wouldn't cover the spread and they fucking did!)
by danielwebster May 19, 2007