In Elizabethan times, it was chancy (3)
I believe the answer is:
bet
'it was chancy' is the definition.
The definition suggests a singular noun which matches the answer.
'in elizabethan times' is the wordplay.
'in' indicates a hidden word.
'BET' is hidden in the letters of 'elizabethan times'.
Can you help me to learn more?
(Other definitions for bet that I've seen before include "Speculation" , "'Stake, wager (3)'" , "Wager, back" , "22 across will accept one" , "Wager, gamble" .)