Skip wager, by the sound of it (6)
I believe the answer is:
gambol
'skip' is the definition.
(I've seen this before)
'wager by the sound of it' is the wordplay.
'wager' becomes 'gamble' (I've seen this before).
'by the sound of it' shows a homophone (sound like).
'gamble' is a homophone of 'GAMBOL'.
(Other definitions for gambol that I've seen before include "Dance" , "Wager a frisk, by the sound of it" , "Frisk and play" , "jump for joy" , "Frisk, frolic" .)