To lose means to no longer have something because it is misplaced, taken away, or destroyed. It can also mean to be defeated in a game, contest, or struggle.
From Old English 'losian,' meaning 'to perish' or 'to be lost,' related to 'los' meaning 'loss' or 'destruction.' The sense of failing to win developed alongside the idea of being deprived of something.
English learners often mix up 'lose' and 'loose'—but 'lose' rhymes with 'zooz' and is about something gone, while 'loose' rhymes with 'goose' and means not tight. Interestingly, both ideas connect to the feeling of something slipping away from your control.
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