Crossword Genius

Pay out for bookie on termination (5)

Ross

I believe the answer is:

spend

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'pay out' is the definition.
(I've seen this in another clue)

'for bookie on termination' is the wordplay.
'for bookie' becomes 'sp' (I can't justify this - if you can you should believe this answer much more).
'on' says to put letters next to each other.
'termination' becomes 'end' (I've seen this in another clue).
'sp'+'end'='SPEND'

Can you help me to learn more?

(Other definitions for spend that I've seen before include "Pass time or pay out" , "Blow" , "Outlay" , "Lay out money" , "amount" .)

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