From Longman Dictionary of Contemporary Englishpeg somebody/something ↔ back phrasal verb British Englishto stop someone from winning in a sport or from increasing the amount by which they are winning – used in news reports They were pegged back by an equaliser from Jameson. → peg→ See Verb table
Examples from the Corpus
peg back• All credit to Bann, though for not shutting-up-shop on an already lost cause as Mark Carson pegged it back.• Thorpe and Craig White pegged it back by 20 before White slogged at Sanath Jayasuriya and holed out to cover. 