Cut chance of losing in wager (7)
I believe the answer is:
brisket
'cut' is the definition.
(brisket is a kind of cut)
'chance of losing in wager' is the wordplay.
I cannot quite understand how this works, but
'chance' could be 'risk' (synonyms) and 'risk' is present in the answer.
'wager' could be 'bet' (synonyms) and 'bet' is located in the remaining letters.
This accounts for all the letters.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for brisket that I've seen before include "Bet kris the cut of beef" , "Joint of beef cut from the breast" , "Meat cut from the breast of an animal" , "Meat from a cow's chest" , "Cut of meat from a cow's breast" .)