1.
In a race or contest, if you bet on a horse or competitor that is quoted at ~, you will win a sum of money equal to your bet if that horse or competitor wins. (BRIT)
He won his first race by six lengths at ~...
The Martell Cup Chase was won by the ~ favourite Toby Tobias.
N-UNCOUNT
2.
If there is an ~ chance that something will happen, it is equally likely that it will happen or will not happen. (BRIT)
You’ve then got an ~ chance of doubling your money at a stroke.
= fifty-fifty
ADJ: ADJ n