What does the cryptic crossword clue "Chance of donkey derby success, initially (4)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

Chance of donkey derby success, initially (4)

Telegraph Prize Cryptic #3248 | 24 Down | 2024-01-21 flower

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