Chances putting daughters in older school initially (4)
I believe the answer is:
odds
'chances' is the definition.
(thesaurus)
'daughters in older school initially' is the wordplay.
'daughters' becomes 'dd' (I've seen this in other clues).
'in' means one lot of letters goes inside another.
'initially' suggests taking the first letters.
The initial letters of 'older school' is 'os'.
'dd' put into 'os' is 'ODDS'.
'putting' acts as a link.
(Other definitions for odds that I've seen before include "Gambler's chances" , "Probabilities" , "Betting figures" , "Indicator of likely betting winnings" , "The likelihood of something occurring rather than not" .)