Apportion everybody a share of the loot (5)
I believe the answer is:
allot
'apportion' is the definition.
(I know that allot is a is a more specific form of the action of apportion)
'everybody a share of the loot' is the wordplay.
I cannot quite see how this works, but
'everybody' could be 'all' (all people) and 'all' is found in the answer.
'of' could be 'o' and 'o' is present in the answer.
'the' could be 't' (the is pronounced as a 't' sound in some dialects) and 't' is found within the answer.
This accounts for all the letters.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for allot that I've seen before include "appropriate" , "Hand out" , "Dedicate" , "Award (share, task)" , "grant" .)