Weapon people get, ignoring the odds (4)
I believe the answer is:
epee
'weapon' is the definition.
(epee is a kind of weapon)
'people get ignoring the odds' is the wordplay.
'ignoring the odds' means one should take alternating letters (letters in odd-numbered positions are removed).
'people'+'get'='peopleget'
The alternating letters of 'peopleget' are 'EPEE'.
(Other definitions for epee that I've seen before include "Fencer's weapon" , "Bit of fencing" , "Fencing blade" , "there's a point to it" , "Pointed weapon" .)