Crossword Genius

Gambles — after initial loss, steals (9)

Ross

I believe the answer is:

peculates

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'steals' is the definition.
(peculating is a kind of stealing)

I don't understand how the remainder of the clue works.

Can you help me to learn more?

(Another definition for peculates that I've seen is " Embezzles".)

I've seen this clue in The Times.
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