Rides out perhaps but is unlikely to win (8)
I believe the answer is:
outsider
'is unlikely to win' is the definition.
I can't judge whether this defines the answer.
'rides out perhaps' is the wordplay.
'perhaps' indicates anagramming the letters.
'rides'+'out'='ridesout'
'ridesout' with letters rearranged gives 'OUTSIDER'.
'but' acts as a link.
Can you help me to learn more?
(Other definitions for outsider that I've seen before include "not a favourite" , "non-member required" , "1000/1 shot" , "Detours I make as person excluded from group" , "Someone not accepted by society" .)