Elizabeth, it seems, gambles her very last penny! (5)

I believe the answer is:

betsy

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'gambles her very last penny' is the definition.
I can't tell whether this defines the answer.

'elizabeth it' is the wordplay.
'elizabeth' becomes 'bet' (I've seen this in other clues).
'it' becomes 'sy' (I can't explain this - if you can you should give a lot more credence to this answer).
'bet'+'sy'='BETSY'

'seems' is the link.

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