What does this taking the chance look like?
Say a person decides "Allright, I am going to take the chance and commit to what I think God is."
What is next?
What does this person do in the name of this commitment?
How does this person recognize that certain things that happen in their life are because of this commitment, while also recognizing which things that happen in their life are not because of this commitment?
There is a quote commonly referenced about a nine-fold process (which has received extensive commentary)
sraddha - faith (or taking the chance)
sadhu sangha - one becomes interested in associating with pure devotees
bhajana kriya - adopting the requirements/habits of pure devotion
anartha nivrtti - material contamination gets dispelled from the heart
nistha - fixed or firm faith (no longer under the shadow of doubt or uncertainty)
rucih - taste for spiritual life awakens(it is no longer a discipline of austerity)
asakti - one is spontaneously attracted - like for instance suppose there is a newspaper and a scripture siting beside one another, one will just be naturally attracted to picking up the scripture
bhava - attraction fructifies to emotional expression
prema - pure unadulterated love for god
At this point, explaining things past the fourth or fifth stage might be difficult to understand, but thats ok since most of what you ask is covered by the first four.
Basically if a person takes the chance, they take the opportunity to associate with persons more advanced than themselves - by association I mean hearing . If we are interested about something we usually express that interest by hearing from others more advanced than ourselves to find out more about it.
So the practical result of hearing from pure devotees is that one learns about things that should be done and should not be done.
And the result of applying those things is that one gets purified.
And the result of purification is that one can comfortably make a steady commitment to spiritual life.
An interesting point amongst the extensive commentaries on the subject is that the living entity has the tendency to get stuck for many, many, many, many lifetimes on the first and fourth stages - IOW having obtained the rare human birth, we tend to hesitate about taking the chance and also hesitate about applying the necessary prerequisites ... and thus run the risk of plunging headlong into the depths of samsara in one of the 8 400 000 species of life
As for recognizing the extent or nature of commitments, that is kind of difficult to explain. The only way I can think to explain it is in terms of what are called "the three modes (or gunas) of material nature" - but just to keep things simple, you could try reading
this from 18.21 to 18.40.
Basically the closer we come to the mode of goodness, the closer we come to seeing things as they actually are.
The closer we come to the mode of passion, the closer we come to seeing things in a fractured way.
The closer we come to the mode of ignorance, the closer we come to seeing things in a totally misleading way.
So everyone is seeing something (and claiming that their seeing is authoritative or carries merit or something) but it is only that type of seeing in the mode of goodness that is actually seeing. So recognizing something as a consequence of one's commitments basically boils down to one being able to recognize the influence of goodness, passion and ignorance in one's life.
Hence the general outline for religiousity is (or at least, should be)
SB 11.13.2: When the living entity becomes strongly situated in the mode of goodness, then religious principles, characterized by devotional service to Me, become prominent. One can strengthen the mode of goodness by cultivation of those things that are already situated in goodness, and thus religious principles arise.
SB 11.13.3: Religious principles, strengthened by the mode of goodness, destroy the influence of passion and ignorance. When passion and ignorance are overcome, their original cause, irreligion, is quickly vanquished.
