Play is a risky venture for the audience (6)
I believe the answer is:
gambol
'play' is the definition.
(gamboling is a kind of playing)
'venture for the audience' is the wordplay.
'venture' becomes 'gamble' (gamble is a kind of venture).
'for the audience' shows a homophone (sound like).
'gamble' is a homophone of 'GAMBOL'.
'is a risky' acts as a link.
This may not be correct. Some or all of it may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for gambol that I've seen before include "Playfully run or jump" , "Skip" , "Caper and cavort (6)" , "Frisk and play" , "jump for joy" .)