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risk it for the biscuit 

= Take the chance of sacrificing your current possessions in order to win much more... the sexy biscuit.

Biscuit just rhymes with risk it. Plus biscuits are sexy. Butter yo biscuit!

In the case of (probably) the first time this phrase was ever used, the "biscuit" was the opportunity to maximize your earnings and then earn even more. The risk was the possibility of losing your acquired earnings when you could have kept them if you weren't so greedy!

Background:

First used at least 3 years from today during a round of the dice game "10,000" at Jamezy's, to encourage those with only 1 die left to take the chance and roll because if they hit a "1" or "5" they would get to roll all 6 dice again whilst retaining the points acquired during their first turn.

In this game you have 6 dice and take turns in a clockwise rotation rolling the dice to accumulate 10,000 points to win the game.

Each turn when you roll something worth points (ex. "1" = 100 points and "5" = 50 points) you get to roll the remaining dice again or keep the points you have acquired during your turn.

If you earn points with all 6 dice, you get to roll all 6 again (biscuit).
J: I think I'm gonna stop and keep the 500 points.
A: Naw man, risk it for the biscuit! The sexiest of biscuits!

J: LOL alright... I'M RISKIN IT FO DA BISCUIT!
risk it for the biscuit by Pap¡ October 20, 2016

RISK IT FOR THE JIZZCUIT 

Where dudes do it on a biscuit and the last one has to eat the biscuit and is eternally shamed.
Come on don't be a pussy, Lets play Risk it for the jizzcuit

Risk it all, For it all

Give everything you've got for everything you want.
"I don't think you should do it man"

"Who cares, life is too short not to risk it all, for it all. I have to do it"
Risk it all, For it all by TheSeger December 15, 2011

risk it all

When you try to hit on a girl even though you know you'll probably get curved really hard
I ain't got no game, but Imma risk it all anyway
risk it all by GuessWhoooo???? February 3, 2018

risk it for the biscuit 

Simply, you are willing to risk the consequences to get whatever reward you are after
Jill: Aren't you allergic to to that? Why are you eating it?
Jack: It's good so I'm gonna risk it for the biscuit.

risk it for the triscuit 

Engaging in dangerous acts for the soul reason of consuming a salty, wheat-based cracker. Also slang for taking extreme risks for little reward.
Running in front of an oncoming freight train just to get a quarter on the other side of the tracks. "Dude, there's a train coming what are you doing?" Response: "I'm gonna risk it for the triscuit!"

Also, "They're out of Cheez-its! I'm gonna risk it for the triscuit."