If you live to tango, it's chancy (3)
I believe the answer is:
bet
'it's chancy' is the definition.
I can't judge whether this definition defines the answer.
'if you live to tango' is the wordplay.
I cannot really understand how this works, but
'live' could be 'be' (synonyms) and 'be' is found within the answer.
'tango' could be 't' (phonetic alphabet: alpha, bravo, charlie etc.) and 't' is found within the answer.
No letters remain.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for bet that I've seen before include "Wager, speculate" , "Wager, back" , "'Stake, wager (3)'" , "Speculation" , "22 across will accept one" .)