Elizabeth's gamble (3)
I believe the answer is:
bet
I believe this is a double definition.
'elizabeth's' is the first definition.
(I've seen this in other clues)
'gamble' is the second definition.
(bet is a kind of gamble)
(Other definitions for bet that I've seen before include "Speculation" , "Wager, gamble" , "Wager, back" , "Wager, speculate" , "Money risked on a gamble" .)