Gamble on soldier protecting bishop in place of execution (6)
I believe the answer is:
gibbet
'place of execution' is the definition.
(I've seen this before)
'gamble on soldier protecting bishop' is the wordplay.
'gamble' becomes 'bet' (bet is a kind of gamble).
'on' says to put letters next to each other.
'soldier' becomes 'gi' (term for US soldier).
'protecting' indicates putting letters inside (inserted letters are held or protected).
'bishop' becomes 'B' (abbreviation for bishop in chess).
'bet' after 'gi' is 'gibet'.
'gibet' going around 'b' is 'GIBBET'.
'in' is the link.
(Other definitions for gibbet that I've seen before include "An old-time gallows" , "wooden structure" , "Hang on here" , "Scaffold" , "on which criminals depended" .)