Elizabeth's punts (4)
I believe the answer is:
bets
'elizabeth's punts' is the definition.
The answer and definition can be both acts as well as being plural nouns.
Maybe there's a link between them I don't understand?
'elizabeth's punts' is the wordplay.
'elizabeth' becomes 'bet' (I've seen this in other clues).
'punts' becomes 's' (I can't justify this - if you can you should believe this answer much more).
'bet'+'s'='BETS'
Can you help me to learn more?
(Other definitions for bets that I've seen before include "Makes wager" , "Wagers" , "plays" , "Gambles" , "Wager, stake" .)