better/bettor:

‘to bet’ = to put some money on some guess work with the condition that if the guess work fails, the money is lost but if the guess work works, more money is gained, i.e. if a person places some money, say $ 5, on a player or horse saying that that particular player or horse wins and if that particular player or horse wins, he/she gets much more money, say $ 100,000 but if that particular player or horse loses, he/she loses the money that he/she places $ 5

A person who takes or accepts a bet from a bettor is a ‘taker’.

“Better” is more commonly used as the comparative form of the adjective word ‘good’ — good — better — best, but in this sense, the other spelling ‘bettor’ is not accepted.

“Better”, as a noun, is also used for a superior person in intelligence, and also for something that is greater or higher in quality than the other. In this sense, the other spelling ‘bettor’ is not accepted.

“Better” is less commonly used as a verb, e.g. “He bettered his behaviour by reading books.” which means that he improved his behaviour … In this sense, too, the other spelling ‘bettor’ is not accepted.

Clarification:

If you want to be a better better, you’d better ask some betters so that you can better your betting strategy.

1. the first ‘better’ is an adjective qualifying a noun ‘better’

2. the second ‘better’ is a noun, a person who bets in a gambling game — the other spelling ‘bettor’ is accepted

3. the third ‘better’ is an adverb ” you had better go” = ‘you should go’

4. the fourth ‘better’, in its plural form ‘betters‘, is a noun — a more qualified or intelligent person

5. the fifth ‘better’ is a verb — ‘can better’ = ‘can improve’ or ‘can make a good decision’!