Strong bet, having inside information (7)
I believe the answer is:
pungent
'strong' is the definition.
(I've seen this before)
'bet having inside information' is the wordplay.
'bet' becomes 'punt' (punting is a kind of betting).
'having' indicates putting letters inside.
'inside information' becomes 'gen'.
'punt' going around 'gen' is 'PUNGENT'.
(Other definitions for pungent that I've seen before include "Sharply tasting or smelling" , "bitter" , "spicy" , "Biting" , "Smelly" .)