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take a gamble
To do something risky or attempt something that might fail in order for a chance at success, fortune, etc. I know I'm taking a gamble by starting a business in a recession, but I don't want to put off my dream any longer. The coach took a gamble by calling that play, but his team was able to score a touchdown, so it paid off.
gamble on someone or something
1. Lit. to make a wager on something concerning someone or something. I wouldn't gamble on it happening. Don't gamble on that horse. You'll be sorry.
2. Fig. to run a risk by choosing or depending on someone or something. I wouldn't gamble on Ted's being able to come. I don't think he can. Don't gamble on Ted. I'm almost sure he won't come.
gamble something away
to lose all of something by gambling. He gambled all his money away. He gambled away all his money.
1. To wager something on the outcome of some event: I gambled all my money on the first race. They don't like to gamble on poker games; they just play for fun.
2. To wager something on some participant in an event: I gambled $50 on my favorite horse.
3. To anticipate or foresee something: I didn't gamble on it raining, so I hadn't brought an umbrella.