Betting on present small globes (7)
I believe the answer is:
spheres
'globes' is the definition.
(I've seen this before)
'betting on present small' is the wordplay.
'betting' becomes 'sp'.
'on' is a charade indicator (letters next to each other).
'present' becomes 'here' (both can mean in attendance).
'small' becomes 's' (abbreviation - e.g. clothes size).
'sp'+'here'+'s'='SPHERES'
(Other definitions for spheres that I've seen before include "Globes" , "balls" , "Areas" .)