Markus Schopp identifies a key problem for Barnsley FC after cup exit
The game ended goalless after ninety minutes, with the visitors paying the price for failing to display a cutting edge in front of goal, especially in the first half.
Victor Adeboyejo and Clarke Oduor missed golden opportunities and Bolton, second best in the first period, dug on and improved on the restart and deserved to take the game to the penalty lottery.
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Hide AdJosh Sheehan struck home the decisive spot-kick following the only miss in the shoot-out from Reds substitute Devante Cole, whose effort was saved by home keeper Joel Dixon.
Previously, Antonio Sarcevic, Eoin Doyle, Bakayoko and former Sheffield Wednesday and Huddersfield Town player Elias Kachunga had scored for Wanderers.
Josh Benson, Herbie Kane, Michal Helik and Jordan Williams had all converted for the Reds, backed by a healthy travelling contingent of 1,608 followers. But Cole would not follow suit
Schopp said: "It is the worst way to go out with the last penalty, to be honest.
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Hide Ad"I guess we missed to go on (winning) in the first sixty minutes. We did a good job in the first sixty minutes, but we already have a problem in the whole of pre-season games - and even in the first league game - that we create a lot and we don't score.
"After thirty seconds, we had the big opportunity with Vic's header and it was to open a game in this way would have been awesome and a help for each of us.
"But it does not come out right at the moment and we have to improve there, definitely. And from sixty minutes to the end, it was not our game, but obviously we did a couple of changes and it was a bit if a situation where it cost us.
"It was important for us to get a better picture about some guys in this competition."