Etymology
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long shot (n.)

also long-shot, in the figurative sense of "something unlikely," 1867, from long (adj.) + shot (n.). The notion is of a shot at a target from a great distance, thus difficult to make. Cinematic sense is from 1922. As an adjective by 1975.

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Definitions of long shot

long shot (n.)
a venture that involves great risk but promises great rewards;
long shot (n.)
a contestant that is unlikely to win;
From wordnet.princeton.edu