Odds-on meaning

ŏdz'ŏn', -ôn'
More likely than others to win; having a good chance of success.
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Having better, often much better, than an even chance of winning.

An odds-on favorite.

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Having a chance of winning that is better than even.
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In which the amount won on a bet is less than the amount staked.
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Likely: alternative spelling of odds-on.
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