overbid
🇺🇸
/ˌoʊvə'bɪd/
🇬🇧
/ˌəʊvə'bɪd/
To bid more than what is needed or expected, especially in an auction.
He overbid on the painting, thinking it was a masterpiece.
In card games, to bid higher than what is needed to win, which can cause you to lose points.
The players overbid their hand and ended up with a penalty.