I've never seen these words in reference to betting only in reference drinking hard liquor.

I looked it up in MW and they have one definition that refers to drinking and one that describes a person that works at a tipple - a device that tilts or overturns a freight car to dump its contents.

Are you sure the Queen wasn’t saying she liked to take a small drink every once in a while.

Flutter has only an assortment of “waving, flapping” definitions.