Betting on keys and shovel (5)

I believe the answer is:

spade

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'shovel' is the definition.
(I know that shovel can be written as spade)

'betting on keys' is the wordplay.
'betting' becomes 'sp'.
'on keys' becomes 'ade' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'sp'+'ade'='SPADE'

'and' acts as a link.

Can you help me to learn more?

(Other definitions for spade that I've seen before include "10

I've seen this clue in The Mirror.

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