You can now use the Snap&Read Chrome Extension Version 4.9.0.133 and above in Overdrive.  

Steps:
Log into Snap&Read.
Log into your OverDrive account through your Library.
Go to your Loaned books.
Select," Read now in browser" for one of your books.
The Snap&Read tool bar will load after the book opens.*
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*Tech Tip:  Overdrive does a lot of mouse click handling. The best practice would be to select the tool first (Translate/ Capture Text)  then select the text.
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