Betting corner - a bright spot (7)

I believe the answer is:

spangle

I'm a little stuck... Click here to teach me more about this clue!

'a bright spot' is the definition.
'spangle' can be an answer for 'spot' (I have seen 'Colourful spot' mean 'spangle' so perhaps 'spot' could also mean 'spangle'). I'm unsure of the 'a bright' bit.

'betting corner' is the wordplay.
'betting' becomes 'sp'.
'corner' becomes 'angle' (eg a corner of a shape).
'sp'+'angle'='SPANGLE'

Can you help me to learn more?

(Other definitions for spangle that I've seen before include "Needing bit of decoration" , "glitter" , "Sequin" , "Sparkling" , "Glittery item" .)

I've seen this clue in the Sydney Morning Herald.

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