Playback ponytail race placings (6,6)

I believe the answer is:

action replay

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'playback' is the definition.
Both the definition and answer are singular nouns.
Perhaps they are linked in a way I don't understand?

'ponytail race placings' is the wordplay.
'ponytail race' anagrams to 'ACTION REPLAY'.
However, I'm not sure how this is indicated.

Can you help me to learn more?

(Other definitions for action replay that I've seen before include "Re-run on TV of section of sporting event" , "item in sports programme" .)

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

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