If you live to tango, it’s chancy (3)
I believe the answer is:
bet
'it's chancy' is the definition.
I can't tell whether this defines the answer.
'if you live to tango' is the wordplay.
I cannot really understand how this works, but
'live' could be 'be' ('be' can be a synonym of 'live') and 'be' is present in the answer.
'tango' could be 't' (phonetic alphabet: alpha, bravo, charlie etc.) and 't' is found in the answer.
This accounts for all the letters.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for bet that I've seen before include "Wager, speculate" , "Wager, back" , "'Stake, wager (3)'" , "Speculation" , "22 across will accept one" .)