Elizabeth's little wagers (4)
I believe the answer is:
bets
'wagers' is the definition.
('bet' can be a synonym of 'wager')
'elizabeth's little' is the wordplay.
'elizabeth' becomes 'bet' (I've seen this in other clues).
'little' becomes 's' (I can't justify this - if you can you should believe this answer much more).
'bet'+'s'='BETS'
Can you help me to learn more?
(Other definitions for bets that I've seen before include "plays" , "Wagers" , "Wager, stake" , "Makes wager" , "Gambles" .)