Does il y a peu de chances require the subjunctive?
Yes, il y a peu de chances requires the subjunctive:
Il y a peu de chances qu’ils sachent la bonne réponse.
There’s little chance that they know the correct answer.
À noter : There’s some disagreement about these types of expressions, but it comes down to possibility vs probability: the former requires the subjunctive, the latter the indicative. In my (and many others’) view, peu de chances is on the possibility side of the scale, which calls for the subjunctive.