English archdeacon’s betting odds (5)
I believe the answer is:
evens
'betting odds' is the definition.
(I've seen this before)
'english archdeacon's' is the wordplay.
'english' becomes 'e' (abbreviation).
'archdeacon's' becomes 'vens'.
'e'+'vens'='EVENS'
(Other definitions for evens that I've seen before include "Half a chance" , "Fifty-fifty odds" , "Oddly, these could be odds" , "Kind of bet where odds are one to one" , "straight bet" .)