it is ten to one that you miss it


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[If you hesitate in striking at the ball, it is ten to one that you miss it.]
from my English textbook

In the above sentence, What is 'that-phrase'?

Is it a real subject, as in"It is strange that she doesn’t want to go"?
or, Is it used to emphasize, as in "It was three weeks later that he heard the news." ?
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  • I hope you understand that "ten to one" does not mean 50 minutes past twelve here.
    What it means is that the hypothetical betting odds are 10:1.
    "It is ten to one" is a short way of saying "The chances (or odds) are ten to one". The chances of what? Of missing the ball.
    The chance that you will miss the ball is ten times as big as the chance that you will hit it.