My word! A pop star has nothing to lose (2,6)

I believe the answer is:

by george

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'my' is the definition.
(I've seen this before)

I cannot understand how the remainder of the clue works.

(Other definitions for by george that I've seen before include "exclamation of astonishment" , "Dated expression of surprise" , "planes might be flown thus?" , "Well I never" , "Anne succeeded so" .)

I've seen this clue in The Irish Independent.

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