Betting in a foreign land (5)
I believe the answer is:
spain
'land' is the definition.
(Spain is an example)
'betting in a foreign' is the wordplay.
'betting' becomes 'sp'.
'foreign' indicates an anagram (foreign order of the letters).
'in'+'a'='ina'
'ina' is an anagram of 'ain'.
'sp'+'ain'='SPAIN'
(Other definitions for spain that I've seen before include "holiday destination?" , "holiday country" , "EU country" , "Crazy pains?" , "European monarchy" .)