The most common and most likely answer to this crossword clue is the 4 plus 3 letter word EACH WAY
I've seen this crossword clue in The Times
E
A
C
H
W
A
Y
More clues leading to the result EACH WAY
Buddy explains!
The straight part
We know that "a sort of bet" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case a sort of bet = each way.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does EACH WAY mean?
EACH WAY adjective- For either a win or a place in a competition.
- For either a win or a place in a competition.