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expressions - What does “slim odds”mean?


The definition of slim odds by Webster 1913 Dictionary is :



low odds; poor chances; as, there are slim odds he will win any medal. - W. Irving.



The above definition is similar to that of slim chance:



a small possibility There's still a slim chance that we can win. (Merriam-Webster)



We know what low and high odds refer to:



Low odd means something is likely, and "high odds" means something is unlikely, but many people get the two confused.



Now, if odds refers to a ratio as suggested by ODO:



The ratio between the amounts staked by the parties to a bet, based on the expected probability either way.



High odds would be something like 42-to-1, that is one chance out of 42 that something may happen, while low odds would be something like 2-to-1 that is 1 chance out of 2 that something may happen.


Given all that, my question is about the above definition of “slim odds” as low odds. If low odds refer to something that is likely the above definition appears to be wrong, especially because they later add “poor chances”. In other words, it appears that “odds” is used as a synonym of “chances.” But that would add even more confusion to the usage of low vs high odds.


Questions:


1) Is “odds” in the “slim odds” definition used as a synonym of chance? If so, is that a correct usage?


2) What does “slim odds” really mean in the end?




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