The phrase "am odds" is spelled phonetically as /æm ɒdz/. The first syllable "am" is pronounced with the short vowel sound /æ/ and the second syllable "odds" features the vowel sound /ɒ/ which is pronounced with a rounded back vowel sound. The word "odds" refers to a situation where one outcome is more likely than another, and the phrase "am odds" suggests being in such a situation. The correct spelling of this phrase is important for clear communication and understanding.