Is "What are the odds?" not a recognised phrase

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I want to ask if "what are the odds" is a recognised phrase or not,because I looked it up on Google and I do not see it cited on any of the famous dictionary websites,except for one. What's the odds is there, Yes but it doesn't cite the meaning I am looking for In movies, I have seen people use "what are the odds" as an exclamation to something of a rarity that has taken place, please do correct…

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