Gambles keeping on new hoods (7)
I believe the answer is:
'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).
'bets' placed around 'onn' is 'BONNETS'.
(Other definitions for bonnets that I've seen before include "Old-fashioned hats" , "Hoods" .)