Green’s Dictionary of Slang

(Irish) to take a chance, esp. in a sexual context.

1995		B. O’Carroll Chisellers n.p.: ‘Hey, Mark,’ Mrs Williams called. ‘Would you risk it for a biscuit?’ [BS].
2004		Ian Dury ‘London Talking’ 🎵 And I’d risk it for a biscuit, as I said, well, you know me. / You’d risk it for a biscuit? / Yes, I’d risk it for a biscuit, as I said, you know me.