What does the cryptic crossword clue "Parlay has a king thus functioning (2,4)" mean?

The definition is "functioning". The wordplay uses a charade (building blocks). IN (synonym="rex , ‘king’") + PLAY (synonym="‘thus’, referring to ‘functioning’") = INPLAY; definition: "functioning" The answer is INPLAY.

Parlay has a king thus functioning (2,4)

Guardian Cryptic #29035 | 26 Across | 2023-04-04 flower

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