Chances of wood beds being chopped in half (4)

I believe the answer is:

odds

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'chances' is the definition.
(the odds of something happening)

I can't explain the rest of the clue.

(Other definitions for odds that I've seen before include "Indicator of likely betting winnings" , "Chances expressed as a ratio" , "(In betting) chances" , "Betting figures" , "Partial darkness" .)

I've seen this clue in The Irish Times.

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