Lyric discussion by tinderbox 

Cover art for News lyrics by Dire Straits

Well, the guy in the lyrics would be a chopper fan, but I doubt whether the lines about gambling on his life and risking everything really refer to racing. Most cc riders (or motor sport champions like Ayrton Senna) don't count on the risks of being killed or badly maimed. I feel there's an unstated point here that the guy is a bit outside of the law already, and he may be joining in a big bank robbery scheme or something similar. That would give the references to gamble and risk much more point. Mark had been a journalist for years and he's a literary guy, so he's no doubt familiar with this kind of thing. The final line is really deadpan brilliant.

There's a similar "iceberg weight" I think, in "Single-handed Sailor" (check with my comments to that song).