Wager outside chance will provide a beefy cut (7)
I believe the answer is:
brisket
'a beefy cut' is the definition.
(cut of beef)
'wager outside chance' is the wordplay.
'wager' becomes 'bet' (synonyms).
'outside' is an insertion indicator.
'chance' becomes 'risk' (synonyms).
'bet' enclosing 'risk' is 'BRISKET'.
'will provide' acts as a link.
(Other definitions for brisket that I've seen before include "Breast of four-legged animal" , "joint of meat" , "Cut of beef from near the ribs" , "Cut of beef from the breast or lower chest" , "Meat cut from the breast of a cow" .)