Crossword Genius

Gambles keeping on new hoods (7)

Ross

I believe the answer is:

bonnets

'hoods' is the definition.
('bonnet' can be a synonym of 'hood')

'gambles keeping on new' is the wordplay.
'gambles' becomes 'bets' (betting is a kind of gambling).
'keeping' means one lot of letters goes inside another.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'on'+'n'='onn'
'bets' placed around 'onn' is 'BONNETS'.

(Other definitions for bonnets that I've seen before include "Old-fashioned hats" , "Hoods" .)

I've seen this clue in The Telegraph.
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