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That's one use in the noun form; and isn't the correct one for this context.That's how people use the term. Words are defined primarily by how they're used by the majority of people.
More so, one of the definitions of Chance is just the mere possibility of something happening, so...
I wouldn't advise using Sherdog's majority rules ignorance as your educational compass, but at least you're not being a prick about it. So, carry on.