Present participle of chance; taking a risk or bet; relying on luck; allowing something to happen by accident or fortune.
From chance + -ing (present participle suffix); the verbal form of the noun chance, meaning to venture, risk, or gamble.
Chancing is how we talk about action under uncertainty—'chancing it' or 'chancing upon' shows English's flexibility in using chance both for deliberate risk-taking and accidental discovery!
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