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The phrase "increasing the chances" is correct and commonly used in written English.
It means to make something more likely to happen. Example: "By studying consistently, you are increasing your chances of getting a good grade on the exam." In this sentence, "increasing the chances" is used to show that studying consistently will make it more likely for the person to get a good grade.
Exact(59)
Both fighters are promoted by Bob Arum, increasing the chances of a rematch.
"If it isn't head to head, you are only increasing the chances of Donald Trump winning".
Failure here is a useful learning experience, increasing the chances of success next time.
"This is increasing the chances that people will get unsafe food".
I took Clomid, which is supposed to regulate periods, theoretically increasing the chances of getting pregnant.
That party broke off coalition talks after the revelations, increasing the chances of an early election.
Diet plays a key role in increasing the chances of developing gout.
Worse, they are actually increasing the chances of military conflict in northeast Asia.
Each model comes with an instructional DVD, increasing the chances that today's couch potato will turn into tomorrow's patio potato.
By processing checks faster while placing holds on deposits, banks are increasing the chances of bouncing a check.
That could lead to more earnings surprises, increasing the chances for an abrupt move in the stock.
More suggestions(16)
heightening the chances
raising the chances
increasing the means
rising the chances
increasing the opportunities
increasing the exposures
increasing the options
increasing the advantages
raise the chances
rose the chances
increasing the potential
raises the chances
increasing the likelihood
heightened the chances
heighten the chances
increasing the opportunity
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com