State half-time wager (5)
I believe the answer is:
tibet
'state' is the definition.
(Tibet is an example)
'half-time wager' is the wordplay.
'half' suggests halving the letters.
'wager' becomes 'bet' (synonyms).
'time' halved is 'ti'.
'ti'+'bet'='TIBET'
(Other definitions for tibet that I've seen before include "Himalayan land" , "hilly region" , "Himalayan region controlled by China" , "woollen fabric" , "Chinese region" .)