
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
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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 squander
To lose a good opportunity, an advantage, or a person's trust through careless or wrong behavior.
Mit dieser unüberlegten Aktion hat er seine Chance auf die Beförderung verspielt.
With that thoughtless action, he squandered his chance of promotion.

to make a mistake
To make a mistake while playing a musical instrument.
Obwohl sie sehr nervös war, hat sich die Pianistin während des Konzerts nicht ein einziges Mal verspielt.
Although she was very nervous, the pianist did not make a single mistake during the concert.

to spend playing
To spend a certain period of time playing.
Die Kinder haben den ganzen Nachmittag im Garten verspielt.
The children spent the whole afternoon playing in the garden.
'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 neutrally indicates that a chance no longer exists, regardless of the cause. Verspielen, on the other hand, emphasizes that one's own careless or wrong behavior caused the loss. Verlieren fits when there is an external obstacle, while verspielen fits when the loss results from an avoidable mistake.

Durch ihre wiederholte Unpünktlichkeit verspielte sie ihre Chance auf die Stelle.
Her repeated lateness cost her the chance of getting the position.
Durch den plötzlichen Zugausfall verlor sie ihre Chance auf das Vorstellungsgespräch.
The sudden cancellation of the train meant that she lost her chance to attend the interview.