First round with present (6)
I believe the answer is:
bestow
'present' is the definition.
(bestowing is a kind of presenting)
'first round with' is the wordplay.
'first' becomes 'best' ('best' can be similar in meaning to 'first'**).
'round' becomes 'o' (round can mean a round object).
'with' becomes 'w' (abbreviation).
'best'+'o'+'w'='BESTOW'
(Other definitions for bestow that I've seen before include "Endow, present" , "Confer, donate" , "Confer or award" , "Confer - impart" , "Award, present as a gift" .)