In a game of slot machines, can you call a payline you bet on "a wagered payline"? I am not sure if it is the payline that is wagered, or my money are wagered on (upon?) this payline.
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Dictionary entries for wager as a noun or verb include:
Returning to your question, if you place a bet on a payline, it is reasonable to say you have wagered upon it. Calling that payline a wagered payline is possible, but perhaps a stretch. Calling it a covered payline might be better.