The song reached the top ten in both the UK and US, and was notably covered by the British band Erasure in 1992.

[2] The song's origins sprang from Ulvaeus, a keen runner, who would repeat a "tck-a-ch"-style rhythm to pace himself.

"[5] Record World called it a "pleasing tune, very well arranged" with "one of pop's most captivating acappella openings since Blue Swede tackled 'Hooked On A Feeling.'"

The track was covered by English synth-pop duo Erasure in 1992 as part of their Abba-esque EP with an additional ragga-style toast performed by MC Kinky added to the song.

Larry Flick from Billboard wrote, "Track maintains the cool kitsch of the original, while giving it electro-hip instrumentation and a jolting-but-pleasing toast interlude by MC Kinky.

"[52] Amy Linden from Entertainment Weekly found that Erasure "reverently tarts up" the song "as keyboard whiz Vince Clarke pumps the '70s gems full of '92 club aggression."

"[53] In a 2011 retrospective review, Tom Ewing of Freaky Trigger noted that the whole project "roars to life exactly once, when MC Kinky takes over for thirty delightful, crass seconds in the middle of "Take a Chance on Me" and shows the song a little creative disrespect at last.

", and concluded that this updated version "retains much of the flavor in the original with hip production elements added.