Hunting dog to risk going round equine (6)
I believe the answer is:
basset
'hunting dog' is the definition.
(basset is a kind of hunting dog)
'risk going round equine' is the wordplay.
'risk' becomes 'bet'.
'going round' means one lot of letters goes inside another.
'equine' becomes 'ass' (ass is a kind of equine).
'bet' placed around 'ass' is 'BASSET'.
'to' acts as a link.
(Other definitions for basset that I've seen before include "Type of hound" , "Hound (named Fred?)" , "Low-set hound" , "Beasts (anag.)" , "GAME" .)