Odds against strike making front-page news (6)

I believe the answer is:
splash
'front-page news' is the definition.
Although both the answer and definition are singular nouns, I cannot understand how they can define each other.
'odds against strike' is the wordplay.
'odds' becomes 'sp' (betting abbreviation for starting price).
'against' says to put letters next to each other.
'strike' becomes 'lash' (lashing is a kind of striking).
'sp'+'lash'='SPLASH'
'making' acts as a link.
Can you help me to learn more?
(Other definitions for splash that I've seen before include "Excitement" , "Watery sound" , "Drop" , "Small amount of something liquid" , "Throw liquid about" .)