A person that consistantly gambles more than they can afford. These Mug Punters generally have more hard luck stories than any seasonal punter has the time or patience to listen to. Generally can be found with their head in their hand after taking the 45th trifecter that came through 1,2,4,5.
Tim can't come out tonight as he did his nuts on the punt. He is just a Mug Punter.
A mug punter is someone who thinks he's good at betting on sport but is, in fact, hopeless. He can be found on betting site forums and can easily be spotted by the pathetic attention-seeking nature of his posts where he proclaims he's the greatest tipster / master of betting etc, and follow-up posts to point out the occasional winner he selects. Most of these winners are blindingly obvious and at short priced odds.
His tips usually follow a pattern of a short run of success, which promotes a feeling of invincibility, followed by the inevitable extra large bet on a loser, wiping out his entire bank. Then nothing will be heard from him for several weeks, whereupon he re-emerges having scraped together some more money for another go.
He is the opposite of the shrewdie.
It usually pays to oppose the mug's selections.
betman robbing is a MUG punter