Defeat? Odds of it's at about 50-50, then Zimbabwe's tail bat (11)

I haven't cracked this one yet — but the brilliant team at Times for the Times have:

PIP (defeat) + odd-numbered letters of IT’S AT + RE + L L (50-50) + {zimbabw}E Here was an annoying one. If you didn’t know the word, there’s a lot of ways the end of the wordplay could be interpreted.