Levels up the odds (5)
I believe the answer is:
evens
This clue might be a double definition.
'levels up' is the first definition.
'evens' can be an answer for 'levels' ('even' can be a synonym of 'level'). I'm not certain of the 'up' bit.
'odds' is the second definition.
(I've seen this before)
'the' is the link.
Can you help me to learn more?
(Other definitions for evens that I've seen before include "Bookies' odds matching the amount staked" , "50-50 chance" , "Chances" , "Equal stakes on both sides in bet" , "Oddly, these could be odds" .)