Crossword Genius

Take on bets, after arranging a cut (1-4,5)

Ross

I believe the answer is:

t-bone steak

'a cut' is the definition.
(T-bone steak is an example)

'take on bets after arranging' is the wordplay.
'after arranging' indicates an anagram.
'take'+'on'+'bets'='takeonbets'
'takeonbets' with letters rearranged gives 'T-BONE STEAK'.

(Another definition for t-bone steak that I've seen is " Cut of meat".)

I've seen this clue in The Guardian.
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