Elizabeth’s gamble (3)

I believe the answer is:

bet

I'm a little stuck... Click here to teach me more about this clue!

'gamble' is the definition.
(betting is a kind of gambling)

'elizabeth's' is the wordplay.
'BET' is hidden in amongst the letters.
But, I am unsure how this is indicated.

Can you help me to learn more?

(Other definitions for bet that I've seen before include "Speculation" , "Wager, gamble" , "Wager, back" , "Wager, speculate" , "Money risked on a gamble" .)

I've seen this clue in the Evening Standard.

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