Gambles keeping on new hoods (7)
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" .)