Gamble on North being in place (4)
I believe the answer is:
punt
'gamble' is the definition.
(thesaurus)
'north being in place' is the wordplay.
'north' becomes 'n' ('N' can be a synonym of 'north').
'being in' indicates putting letters inside.
'place' becomes 'put' ('put' can be a synonym of 'place'**).
'n' put within 'put' is 'PUNT'.
'on' is the link.
(Other definitions for punt that I've seen before include "Pre-euro unit of Irish currency" , "taken by a better" , "Gamble -- boat -- high kick" , "Pole-propelled boat" , "pound in Ireland" .)