Having to spend about a pound for recreation (7)

I believe the answer is:

playing

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'for recreation' is the definition.
(playing is a kind of recreation)

I don't understand the rest of the clue.

(Other definitions for playing that I've seen before include "Kings, queens etc" , "Participating in sport" , "on the field" , "Where, it was said, the Battle of Waterloo was won" .)

I've seen this clue in The Irish Independent.

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