Bust
To bust is to lose all your chips and be eliminated.
The simple explanation
To bust is to lose all your chips and be eliminated. In a tournament, busting means you are out of the event. In a cash game you can buy more chips and continue, so busting only ends the session if you choose to stop.
A closer look
Busting happens when you lose an all-in and cannot cover the loss. In tournaments where re-entry is allowed, a player who busts can buy in again. Players use 'bust' with 'out' as 'bust out' and for the winner: 'I busted him' means that you won all his chips. The term is also used for a hand that failed to improve, in which case the hand has busted.
A practical example
A player loses their last chips and busts.
Full explanation
To bust is to lose all your chips and be eliminated.
To bust means to lose all your chips and be eliminated. The word is used mostly about tournaments, where busting means the end of your run.
In cash games, a player who loses all his chips can usually rebuy. If he cannot or does not want to, he is out of the game.
Related terms are bust out, which is the same thing, and bust a player, which means to eliminate someone.
Busted can also describe a hand that failed to complete a draw.