squander
verb [ T ]
disapproving uk/ˈskwɒndər/ usto waste large amounts of money or other resources:
Fifty-five percent of likely voters are convinced that much of the state's tax money is being squandered.
squander sth on sth Politicians are accused of squandering more than $1 billion on misguided and futile programs aimed at stimulating the economy.
squander a chance/an opportunity
to fail to use a chance to become successful or to achieve something:
According to one member of the board of directors: "We have squandered the opportunity to become a major player in the industry".