Meaning of 'let's even the odds'

So recently I have stumbled upon a phrase :

let's even the odds.

I have googled it without any help. If anyone can explain it for me I will be grateful.

If a team is behind the other in a competition, the phrase would mean let's catch up.

It can also mean that let's change the game rules to compensate for an inherent disadvantage. If a football team has a bad player, you can even the odds by introducing a bad player in the other team as well.

'The odds' specifically refer to the chance of winning, or the chance of success. It's from betting terminology, where you might quote odds of (say) ten to one against a team winning.

Where win or loss is equally likely (I.e 1 to 1 odds) it is called 'evens'. In betting parlance to 'even the odds' is to make the odds closer to 'evens' - specifically to make unlikely events more likely. If the odds were ten to one against, if you make them five to one against you are 'evening the odds'.

By extension 'evening the odds' is making an unlikely win (or other success) more likely. It would not be used of making a likely win more likely.