Sort of cut chance in gamble (7)
I believe the answer is:
brisket
'sort of cut' is the definition.
'chance in gamble' is the wordplay.
'chance' becomes 'risk' (synonyms).
'in' is an insertion indicator.
'gamble' becomes 'bet' (bet is a kind of gamble).
'risk' placed inside 'bet' is 'BRISKET'.
(Other definitions for brisket that I've seen before include "Joint of beef cut from the breast" , "Bet kris the cut of beef" , "Meat cut from the breast of a cow" , "Cut of beef from near the ribs" , "Cut of meat from a cow's breast" .)