The chances of racing (4)

I believe the answer is:

odds

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'the chances' is the definition.
(the odds of something happening)

'of racing' is the wordplay.
'of' becomes 'o''.
'racing' becomes 'dds' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'o'+'dds'='ODDS'

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(Other definitions for odds that I've seen before include "The chances of something happening" , "inequality" , "Chance" , "Betting price" , "Betting ratio" .)

I've seen this clue in The Guardian, The Telegraph and The Globe and Mail.

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