Gamble, eating most of dodgy cut of meat (7)
I believe the answer is:
brisket
'cut of meat' is the definition.
(brisket is a kind of cut of meat)
'gamble eating most of dodgy' is the wordplay.
'gamble' becomes 'bet' (betting is a kind of gambling).
'eating' indicates putting letters inside.
'most of' means to remove the last letter.
'dodgy' becomes 'risky' (dodgy can mean risky or dangerous).
'risky' with its last letter removed is 'risk'.
'bet' enclosing 'risk' is 'BRISKET'.
(Other definitions for brisket that I've seen before include "Joint of beef cut from the breast" , "Cut of meat from a cow's breast" , "Breast of four-legged animal" , "Meat from a cow's chest" , "joint of meat" .)