The most common and most likely answer to this crossword clue is the 8 letter word ROULETTE
I've seen this crossword clue in The Guardian
R
O
U
L
E
T
T
E
More clues leading to the result ROULETTE
- Be unhappy, perhaps, as tenant’s picked up small revolver
- 7 game allowed to get in way
- Game allowed to block road
- Obstruction blocking avenue? One may bet on it
- Our disturbed character not finishing gambling game
- European's broken rake? It's for the better
- Native of Baltic State stopping debauchee’s game
- Gambling game permitted in a way
- It may be fatal to play this when Russian
- Allow into journey travelled for gambling game
Buddy explains!

The straight part
We know that "You can bet on it" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case you can bet on it = roulette.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does ROULETTE mean?
ROULETTE noun- A game of chance, in which a small ball is made to move round rapidly on a circle divided off into numbered red and black spaces, the one on which it stops indicating the result of a variety of wagers permitted by the game.
- A small toothed wheel used by engravers to roll over a plate in order to produce rows of dots.
- A similar wheel used to roughen the surface of a plate, as in making alterations in a mezzotint.
- The locus of a point on a plane curve that rolls without slipping along another fixed plane curve.
- Any of the small incisions on a sheet of stamps, used as an alternative to perforations.
- A cylindrical curler for the hair.
- To separate or decorate by incisions made with a small toothed wheel.