It offers various penalties (8)
I believe the answer is:
forfeits
'penalties' is the definition.
(I know this)
'it offers various' is the wordplay.
'various' indicates an anagram.
'it'+'offers'='itoffers'
'itoffers' with letters rearranged gives 'FORFEITS'.
(Other definitions for forfeits that I've seen before include "Things paid or given as penalties" , "Gives up, sacrifices" .)
Want a hint initially instead of a full solution?
Install my app