Increase the risk cracking the peanut (2,3,4)

I believe the answer is:

up the ante

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'increase the risk' is the definition.
I know nothing about this answer so I can't judge whether this works.

'cracking the peanut' is the wordplay.
'cracking' indicates anagramming the letters.
'the'+'peanut'='thepeanut'
'thepeanut' anagrammed gives 'UP THE ANTE'.

Can you help me to learn more?

(Other definitions for up the ante that I've seen before include "increase risk" , "bet even more" , "Raise the stakes in poker game" , "increase danger?" , "Lift stakes" .)

I've seen this clue in The Times.

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