1. To seize and make the most of opportunities as they present themselves. It was a heartbreaking loss, but we have no one to blame but ourselves—if you don't take your chances in a game, you're never going to succeed.

2. To try to do something that carries a high risk of having a negative or unfortunate outcome. A: "You know that this deal could bankrupt the company, right?" B: "But if it works, it will make us a fortune. Let's take our chances."