It is: $$p_{1}+\cdots+p_{n-1}$$ where: $$p_{k}:=\frac{n-2}{n-1}\frac{n-3}{n-1}\cdots\frac{n-k}{n-1}\frac{1}{n-1}$$ is the probability of losing together with $k$ mates that are in the same (losing) cycle.
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addendum:
Let's start with denoting the player who starts with $P_0$ and the player he points at with $P_1$. Inductively denote the player pointed at by $P_{n-1}$ with $P_n$. Then $P_0$ will lose with exactly $k$ mates in the same cycle if $P_0,\dots,P_{k-1}$ are distinct and $P_k=P_0$.
If e.g. $P_0$ loses together with $3$ mates $P_1$ must point at $P_2\
eq P_0$ (probability $\frac{n-2}{n-1}$), $P_2$ must point at $P_3\
otin\\{P_0,P_1\\}$ (probability $\frac{n-3}{n-1}$) and finally $P_3$ must point at $P_0$ (probability $\frac1{n-1}$).
This leads to $p_3=\frac{n-2}{n-1}\frac{n-3}{n-1}\frac{1}{n-1}$.