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A card player who has amassed a large collection of, mostly red poker chips. Since reds are the lowest valued chip, it makes you look like you have a lot of money when you really don't.
"Another massive three dollar pot taken down by Johnny Redchips!"

"Can anybody break a five? Johnny Redchips is cashing out."

"You see my dollar and raise me a quarter? Why, that's too rich for my blood, Johnny Redchips!"
by Mr. Softey January 23, 2009
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2
The person, in a poker game that has a great deal of the lowest value chips, and little else.
Well, ir looks like ol' Johnny Redchips finally won a hand.
Good for him
by All in Ben September 17, 2005
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