Not maximising expected utility means that you expect to get less utility.
This isn’t actually right though—the concept of maximizing utility doesn’t quite overlap with expecting to have more or less utility at the end.
There are many examples where maximizing your expected utility means expecting to go broke, and not maximizing it means expecting to end up with more money.
(Even though, in this particular one-turn example, Bob should, in fact, expect to end up with more money if he bets everything.)
This isn’t actually right though—the concept of maximizing utility doesn’t quite overlap with expecting to have more or less utility at the end.
There are many examples where maximizing your expected utility means expecting to go broke, and not maximizing it means expecting to end up with more money.
(Even though, in this particular one-turn example, Bob should, in fact, expect to end up with more money if he bets everything.)