First attested in 1940, in John O'Hara's novel Pal Joey. The term is considered by the American Heritage Dictionary of Idioms, Second Edition (2013) and several other references to be a and/or a Yiddish equivalent. Brian Joseph considers this unlikely, however, and speculates that despite its extremely late attestation, it and the German was gibt's may "allow[] for a reconstruction of a Proto-West-Germanic existential use of 'give', which survives marginally into present usage."
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