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I know deferred decision is that the admission's committee will review the application again later on, but what are the chances usually? or what usually happens if you are told that your admission has been deferred for the next academic year? does it guarantee a spot next year? or is it pretty much like re-applying next year without having to send in an application? Thanks

usually one of two things:

1.) an admitted applicant requests a deferral from the admissions office because they would prefer to delay their enrollment a year. typically this request, if granted, is binding (i.e. you can't re-apply and go somewhere else)

2.) an admissions committee offers a candidate deferral to the next year. if you accept, same deal, you'll enroll the following year.

edit: unless you're actually talking about an application being "held" which just means they're going to review it later in the same cycle

some people use it very liberally when referring to being pushed over into regular decision pools from ED. Or sometimes they will say it when they are held which makes no sense.