E. Cobham Brewer 1810–1897. Dictionary of Phrase and Fable. 1898.
Odds.
By long odds. By a great difference; as, “He is the best man by long odds.” A phrase used by betting men. In horse-racing, odds are offered in bets on favourite horses; so, in the Cambridge and Oxford races, long odds are laid on the boat which is expected to win.
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That makes no odds. No difference; never mind; that is no excuse. An application of the betting phrase.
