Meaning of the word "chances are" in English

What does "chances are" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

chances are

US /ˈtʃænsɪz ɑːr/
UK /ˈtʃɑːnsɪz ɑːr/

Phrase

it is likely or probable that something will happen

Example:
Chances are, he'll be late as usual.
If you don't study, chances are you won't pass the exam.