Takes risks with sweetheart about love, see (7)
I believe the answer is:
diocese
'see' is the definition.
(both can mean a bishop's associated area)
'takes risks with sweetheart about love' is the wordplay.
'takes risks' becomes 'dices' (to dice is to gamble or take a risk).
'with' says to put letters next to each other.
'sweetheart' becomes 'e' (the heart/centre of 'sweet').
'about' is an insertion indicator.
'love' becomes 'o' (love means zero in tennis).
'dices'+'e'='dicese'
'dicese' enclosing 'o' is 'DIOCESE'.
(Other definitions for diocese that I've seen before include "I see cod (anag)" , "Bishopric" , "Church district" , "Bishop's responsibility" , "Bishop's area" .)