gamble
n. countable B1 Intermediate US //ˈɡæmbəɫ// UK //ɡˈæmbəl// gam·ble
n. a risky action you take because you hope it will bring a good result. You do this even though you know you might lose money or fail.
n. an act or undertaking involving a high degree of risk in the hope of a favourable outcome. Often used metaphorically to describe business or personal decisions rather than literal betting.
Starting a new business is always a gamble.
The coach took a gamble by playing the rookie in the final minutes of the championship game.
While the investment seemed like a reckless gamble to his peers, his deep understanding of market cycles suggested the risk was actually quite calculated.
Usage
Often used with the verbs 'take' or 'pay off'.