Another meaning with reference to gambling is to place a series of silly bets due to a feeling of invincibilty following a large win or series of wins, resulting in losing all the winnings back and ending up where you started.
This is to be avoided at all costs by disciplined gamblers, but every gambler will have done it sometime.
"I won £5000 on the horses then went on the tilt and blew it all on football"
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