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Parsing needed for one answer, please?
7D: Bet it's American! (6)
Y?N?E?
The answer is Yankee = American (def), but where does 'bet' fit in?

A yankee is an accumulator bet.

http://www.aceodds.com/what-is-a-yankee-bet.html

Yankee is a type of bet
http://www.aceodds.com/what-is-a-yankee-bet.html#What_is_a_yankee_bet

Hi Elle, it's the name for a bet comprising of 4 selections. 6 doubles + 4 trebles + a 4-fold (accumulator), 11 bets in total.

I'd NEVER have got that!!!
Thanks, Bernie!

and chelle and ginge......what a sheltered life I obviously lead!

A little more complicated, bernie. You select 4 (teams, horses etc. etc.). The bet has "doubles" on each pair (6 bets), "trebles" on each set of 3 (4 bets) and an accumulator on all 4, making a total of 11 bets.

?

...far too complicated!