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'm not sure about the 'elizabeth's' bit.
'elizabeth's wagers' is the wordplay.
'elizabeth' becomes 'bet' (I've seen this in other clues).
'wagers' becomes 's' (I can't explain this - if you can 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" .)