Bet declared invalid but is honoured (10)

I believe the answer is:

celebrated

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'honoured' is the definition.
(celebrating is a kind of honouring)

I don't understand the rest of the clue.

(Other definitions for celebrated that I've seen before include "Rejoiced - famous" , "Observed (festival); famous" , "Notable" , "Did something enjoyable (to mark an event)" , "Eminent" .)

I've seen this clue in The Guardian.

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