Gioutsos was born in 1941 in Kastoria, Macedonia but his family moved to Hungary after the Greek Civil War. In Hungary, Gioutsos took up football and played for Csepel, a local top division club. Olympiakos brought him to Greece in 1965, after some controversy as some claimed that he used the surname Yioutchov and in fact was not Greek at all. He debuted on January 10, 1965 against Panathinaikos at Leoforos Alexandras Stadium and played for Olympiakos until 1974, mostly as centre-forward.
He was known for his speedy charges down the pitch - to the delight of the fans who would cry out "Έμπαινε Γιούτσο!" (Get in there, Gioutsos!) at his every charge.