Ignoring the odds, it seems poor rate (5)
I believe the answer is:
tempo
'rate' is the definition.
(musical rhythm or rate)
'ignoring the odds it seems poor' is the wordplay.
'ignoring the odds' indicates alternate letters (letters in odd-numbered positions are removed).
'it'+'seems'+'poor'='itseemspoor'
The alternating letters of 'itseemspoor' are 'TEMPO'.
(Other definitions for tempo that I've seen before include "Pace of a piece of music" , "Musical beat or rhythm" , "Speed or beat, musically" , "Cadence" , "Musical time" .)