The Race Favourite is the horse in the race who has been determined by bookmakers, and ultimately by the punters betting on the race, as having the best chance of winning. In betting markets this is shown as the lowest price. The shorter the price (lower the betting odds) the better chance the horse is perceived to have of winning the race.
Betting Tips for Favourites
Because the market has determined that a particular horse has the best chance of winning a race, it does not mean that it is the outcome that will prevail in a race. Like all markets, price is a function of all the information available to the public at the time. Some information gets more publicity than others, some information can be misleading and some information may not adequately compare certain form characteristics to the other runners in the race. Value punters, form analysts who look for horses that are priced higher than their actual chance of winning, will often start by pricing the favourite's real chance of winning. If they see a significant gap between the market's odds for the favourite horse and the odds which they assessed the favourite at, they will see the race as having significant potential to find value.