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The phrase "the chances of" is correct and usable in written English.
You can use it to describe the likelihood or probability of something. For example, "The chances of winning the lottery are very slim."
Dictionary
the chances of
verb
To happen by chance, to occur.
Exact(58)
But the chances of that seem slim.
"The chances of negatives are so small".
The chances of either are slim.
The chances of an accident are real.
The chances of this may be low.
And what were the chances of that?
The chances of ratification looked remote today.
The chances of success are considered slim.
But the chances of that look slim.
The chances of success there remain slim.
The chances of that are slim however.
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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