Bet deal is made after it should have been (7)

I believe the answer is:

belated

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'after it should have been' is the definition.
I can't tell whether this defines the answer.

'bet deal is made' is the wordplay.
'is made' indicates an anagram.
'bet'+'deal'='betdeal'
'betdeal' with letters rearranged gives 'BELATED'.

Can you help me to learn more?

(Other definitions for belated that I've seen before include "After due time" , "Behind time" , "Coming too late" , "Out of date" , "Bleated, being too late" .)

I've seen this clue in The Irish Independent.

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