Levels the odds (5)
I believe the answer is:
evens
I believe this is a double definition.
'levels' is the first definition.
(I know this)
'odds' is the second definition.
(I've seen this in other clues)
'the' is the link.
(Other definitions for evens that I've seen before include "Level betting" , "Kind of bet where odds are one to one" , "Bookies' odds matching the amount staked" , "Odds that win identical sum as the stake" , "Chances" .)