Euro result isn't fantastic -- embracing America is a risky game to play (7,8)
I believe the answer is:
russian roulette
'a risky game to play' is the definition.
'euro result isn't fantastic embracing america' is the subsidiary indication.
'fantastic' indicates an anagram.
'embracing' is an insertion indicator.
'america' becomes 'a' (common abbreviation - e.g. in organisation names).
'euro'+'result'+'isnt'='euroresultisnt'
'euroresultisnt' is an anagram of 'russinroulette'.
'russinroulette' placed around 'a' is 'russianroulette'.
'is' is the link.
(Other definitions for russian roulette that I've seen before include "highrisk game" , "risky business" , "Deadly gamble" , "suicidal undertaking" , "chancy business" .)