Risk enveloping crazier fellows in confusion (12)
I believe the answer is:
bewilderment
'confusion' is the definition.
(bewilderment is a kind of confusion)
'risk enveloping crazier fellows' is the wordplay.
'risk' becomes 'bet'.
'enveloping' means one lot of letters goes inside another.
'crazier' becomes 'wilder' (I can't explain this - if you can you should give a lot more credence to this answer).
'fellows' becomes 'men' (I've seen this before).
'wilder'+'men'='wildermen'
'bet' going around 'wildermen' is 'BEWILDERMENT'.
'in' acts as a link.
Can you help me to learn more?
(Other definitions for bewilderment that I've seen before include "Perplexity, confusion" , "utter confusion!" , "Not knowing what to do" .)