How bookies pay place money? (4,4)

I believe the answer is:

spot cash

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'how bookies pay' is the definition.
I know nothing about this answer so I can't judge whether it can be defined by this definition.

'place money?' is the wordplay.
'place' becomes 'spot' (synonyms).
'money?' becomes 'cash' (cash is a type of money).
'spot'+'cash'='SPOT CASH'

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I've seen this clue in The Globe and Mail.

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