Female gambling or gambolling? (8)

I believe the answer is:

frisking

'gambolling?' is the definition.
('frisk' can be a synonym of 'gambol')

'female gambling' is the wordplay.
'female' becomes 'f' (abbreviation).
'gambling' becomes 'risking' ('risk' can be a synonym of 'gamble').
'f'+'risking'='FRISKING'

'or' is the link.

I've seen this clue in The Guardian.

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