HISTORY: Nicholas Powell is a former professional gambler who combined his new career as a criminal mercenary with his old. Unlike most common mercenaries, Chance never gets paid in advance. He bets his service against his fee. In other words, he receives payment only if he succeeds in his mission.

Spider-Man first encountered Chance when the latter was hired to kill a criminal named Andre Bouillon. Chance wagered his fee at double-or-nothing that he would also kill Spider-Man in the process, but he failed to do so and the police arrested him. However, the charges were dropped as the case was lacking in evidence.

At one occasion, Chance was rescued by Spider-Man after a survivalist group called the Life Foundation – that had originally hired Chance to hijack a shipment of experimental weaponry – kidnapped him and attempted to replicate his wrist blasters and ankle jets. Chance was forced to work with Spider-Man to defeat the Life Foundation.