What does the cryptic crossword clue "Intended to underwrite duel odds in challenge (8)" 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.

Intended to underwrite duel odds in challenge (8)

Guardian Cryptic #27247 | 16 Down | 2017-07-12 flower

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