Oddly, Maid is brilliant, but loses (7)

I believe the answer is:

mislays

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'loses' is the definition.
('mislay' can be a synonym of 'lose')

'oddly maid is brilliant' is the wordplay.
'oddly' indicates alternate letters (letters in the odd-numbered positions are used).
'is brilliant' becomes 'slays' (I am not sure about this - if you are sure you should believe this answer much more).
The alternating letters of 'maid' are 'mi'.
'mi'+'slays'='MISLAYS'

'but' acts as a link.

Can you help me to learn more?

(Another definition for mislays that I've seen is " Puts in wrong place, loses".)

I've seen this clue in the Sydney Morning Herald.

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