Say no to betting and run off (5)

I believe the answer is:

spurn

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'say no to' is the definition.
I can't tell whether this definition defines the answer.

'betting and run off' is the wordplay.
'betting' becomes 'sp'.
'and' means one lot of letters go next to another.
'off' indicates an anagram.
'run' with letters rearranged gives 'urn'.
'sp'+'urn'='SPURN'

Can you help me to learn more?

(Other definitions for spurn that I've seen before include "Repudiate" , "turn away" , "Cold-shoulder" , "Show contempt for" , "Scorn" .)

I've seen this clue in The Daily Express.

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