Being a 2:1 underdog isn't saying that you have no chance. Being a 10:1 underdog is saying that you have (virtually) no chance.
What he said. In boxing terms those odds are actually pretty close. Remember as well that odds are only indirectly determined by 'chances of winning'. They are directly determined by where the punters are currently putting their money, which isn't necessarily the same thing and sometimes can be significantly different, particularly when 'big' events attract bets from folks who don't bet often.
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