Gamble  —v. (-ling) 1 play games of chance for money. 2 a bet (a sum of money) in gambling. B (often foll. By away) lose by gambling. 3 risk much in the hope of great gain. 4 (foll. By on) act in the hope of. —n. 1 risky undertaking. 2 spell of gambling.  gambler n.