Cut danger in wager (7)
I believe the answer is:
brisket
'cut' is the definition.
(I know that brisket is a type of cut)
'danger in wager' is the wordplay.
'danger' becomes 'risk' (synonyms).
'in' is an insertion indicator.
'wager' becomes 'bet' (synonyms).
'risk' put into 'bet' is 'BRISKET'.
(Other definitions for brisket that I've seen before include "Meat from a cow's chest" , "joint of meat" , "Cut of beef from the breast or lower chest" , "Cut of meat from a cow's breast" , "Cut of beef from near the ribs" .)