Meaning of the word "lose out on" in English

What does "lose out on" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

lose out on

US /luːz aʊt ɑn/
UK /luːz aʊt ɒn/

Phrasal Verb

to not get an advantage that other people are getting

Example:
If you don't apply for the scholarship, you'll lose out on a great opportunity.
Many small businesses lose out on contracts to larger companies.