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