Wager with little Elizabeth (3)
I believe the answer is:
bet
'wager' is the definition.
(synonyms)
'with little elizabeth' is the wordplay.
'with' indicates the answer is hidden within the clue.
'BET' is hidden in the letters of 'little elizabeth'.
(Other definitions for bet that I've seen before include "Wager, or the sum waged" , "Speculation" , "22 across will accept one" , "Wager, speculate" , "Money risked on a gamble" .)