It's nothing to lose bet; perhaps it's out of date (8)
I believe the answer is:
obsolete
'out of date' is the definition.
(I've seen this before)
'it's nothing to lose bet perhaps' is the wordplay.
'it's nothing' becomes 'O' (O resembles 0).
'to' means one lot of letters go next to another.
'perhaps' indicates an anagram.
'lose'+'bet'='losebet'
'losebet' is an anagram of 'bsolete'.
'o'+'bsolete'='OBSOLETE'
'it's' acts as a link.
(Other definitions for obsolete that I've seen before include "Outdated" , "Gone out of use and no longer effective" , "Out-of-date" , "Pass" , "Outmoded, passe" .)