verspielen
to gamble away
To lose money or possessions through gambling.
Er hat sein gesamtes Monatsgehalt am Spielautomaten verspielt.
He gambled away his entire monthly salary on the slot machine.

to gamble away / to squander
Loading your saved state.
to gamble away
To lose money or possessions through gambling.
Er hat sein gesamtes Monatsgehalt am Spielautomaten verspielt.
He gambled away his entire monthly salary on the slot machine.

'Verspielen' (to gamble away / to squander) is an inseparable verb made up of the prefix 'ver-' and the verb 'spielen' (to play). The prefix 'ver-' here often indicates a loss or a negative result caused by the act of playing.
Durch seine Arroganz hat er viele Sympathien verspielt.
Through his arrogance, he squandered a lot of goodwill.
You can recognize the exact meaning from the object or from the reflexive form. If it is about 'Geld' (money), gambling is meant. With 'Chance' (opportunity) or 'Vertrauen' (trust), it is figurative. The form 'sich verspielen' refers to mistakes in music.
Er hat im Casino sein ganzes Geld verspielt.
He gambled away all his money at the casino.
In the figurative meaning, 'verspielen' (to squander) is often used with abstract nouns that can be lost. Typical examples are: 'eine Chance verspielen' (to squander an opportunity), 'Vertrauen verspielen' (to lose/squander trust), or 'einen Vorsprung verspielen' (to squander a lead).
Die Mannschaft hat in den letzten Minuten einen sicheren Sieg verspielt.
The team squandered a sure victory in the final minutes.
The form 'sich verspielen' is used almost exclusively in the context of music or theater. It means that you make a mistake while playing an instrument or performing a role.
Der Gitarrist hat sich im Solo kurz verspielt, aber es kaum jemand gemerkt.
The guitarist briefly made a mistake in the solo, but hardly anyone noticed.
to lose
'verlieren' and 'verspielen' can both mean that you no longer have something, for example money, an opportunity, or trust. 'verlieren' is more neutral and simply says that something is gone or is no longer achieved. 'verspielen' adds that it happened through wrong, careless, or risky behavior. In gambling, 'verspielen' is especially appropriate. Learners may confuse the words because the result is similar. The important difference is: 'verlieren' mainly describes the result, while 'verspielen' also points to your own mistake or the risk involved.

Durch seine vielen Lügen hat er das Vertrauen seiner Kollegin verspielt.
Through his many lies, he squandered his colleague's trust.
Nach der Umstrukturierung hat er seine Stelle verloren.
After the restructuring, he lost his job.