Etymology
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bettor (n.)

"one who lays a wager," c. 1600, also better, agent noun from bet (v.). The form is unusual; OED notes that English agent nouns in -er tend to shift toward -or as their senses become more specific; in this case it also could be to avoid confusion with better (n.1).

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Definitions of bettor

bettor (n.)
someone who bets;
Synonyms: better / wagerer / punter
From wordnet.princeton.edu