Pronunciation: ' lo ̇ ŋ - ˌ shät
Function: noun
Date: 1867
1 : a venture involving great risk but promising a great reward if successful also : a venture unlikely to succeed
2 : an entry (as in a horse race) given little chance of winning
3 : a bet in which the chances of winning are slight but the possible winnings great
– by a long shot : by a great deal