What does the cryptic crossword clue "Hippie: bet on one losing head (3,4)" mean?

The definition is "Hippie". The wordplay uses charade, deletion. WAGER (synonym of "bet") + NOTE (synonym of "one") [deletion: "losing"]; definition: "Hippie:" The answer is NEWAGER.

Hippie: bet on one losing head (3,4)

Guardian Cryptic #29040 | 24 Across | 2023-04-10 flower

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