Hippie: bet on one losing head (3,4)
I believe the answer is:
new ager
'hippie' is the definition.
I know nothing about this answer so I cannot judge whether this works.
'bet on one losing head' is the wordplay.
'bet' becomes 'wager' (synonyms).
'on' is a charade indicator (letters next to each other).
'losing head' means to remove the first letter.
'one' with its first letter taken off is 'ne'.
'wager' put after 'ne' is 'NEW AGER'.
Can you help me to learn more?
(Other definitions for new ager that I've seen before include "Hippy" , "Latter-day hippie" .)