The term 'Level Odds' is a phrase used to describe a situation in which two parties have equal chances of success. The crossword solution for the term 'Level Odds' is 'EVENS, ' which is a five-letter word meaning 'equal in number or amount.' This phrase is often used in gambling, where two players have an equal chance of winning or losing. It can also be used in other contexts, such as when two teams are evenly matched in a competition.