Spread bet a punter organised, accepting punt with odds slashed (6,6)

I believe the answer is:

peanut butter

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'spread' is the definition.
(peanut butter is a kind of spread)

I cannot understand how the remainder of the clue works.

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(Other definitions for peanut butter that I've seen before include "something to eat" , "Spread made from groundnuts" , "Golden brown paste" , "Leguminous spread" .)

I've seen this clue in The Times.

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