Please place a bet for a grand-looking old lady (7)
I believe the answer is:
dowager
'old lady' is the definition.
(I've seen this before)
'please place a bet' is the wordplay.
'please' becomes 'do' (I've seen this in other clues).
'place a bet' becomes 'wager' (I've seen this in another clue).
'do'+'wager'='DOWAGER'
'for a grand-looking' acts as a link.
I am not very happy about this link. Some or all of it may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for dowager that I've seen before include "Widow, imposing elderly woman" , "Rich old girl" , "wealthy widow" , "Wordage for the widow of a peer" , "Wordage (anag.)" .)