To live at a road junction is a risky thing (3)
I believe the answer is:
bet
'a risky thing' is the definition.
The answer and definition can be both acts as well as being singular nouns.
Maybe there's a link between them I don't understand?
'to live at a road junction' is the wordplay.
'to live' becomes 'be' ('be' can be a synonym of 'live').
'at' says to put letters next to each other.
'a road junction' becomes 'T' (T-junction is a type of road junction).
'be'+'t'='BET'
'is' acts as a link.
Can you help me to learn more?
(Other definitions for bet that I've seen before include "Wager, speculate" , "Speculation" , "Wager, or the sum waged" , "Money risked on a gamble" , "'Stake, wager (3)'" .)