Risk that involves everyone dancing (6)
I believe the answer is:
ballet
'dancing' is the definition.
(I know that ballet is a type of choreography)
'risk that involves everyone' is the wordplay.
'risk' becomes 'bet' (I've seen this in another clue).
'that involves' indicates putting letters inside.
'everyone' becomes 'all' (all people).
'bet' going around 'all' is 'BALLET'.
(Other definitions for ballet that I've seen before include "Art of the Kirov or Bolshoi" , "Story performed to music by dancers" , "The Nutcracker or Giselle, say" , "Let lab open up for dance" , "Classical dancing style" .)