Multiple bets on baseball team appearing (7)

I believe the answer is:

yankees

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'multiple bets' is the definition.
(I've seen this before)

I cannot understand how the remainder of the clue works.

(Other definitions for yankees that I've seen before include "Ball-players" , "Union troops" , "multiple bets" , "Americans or northern states during civil war" , "New York baseball team" .)

I've seen this clue in The Irish Times.

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