What Does ‘Co-favorite’ Mean in Sports Betting?

This is a term you’ll hear almost exclusively in events with a large field of competitors, like horse racing or a golf tournament.

A “co-favorite” is a competitor who is tied for the best odds, but only when three or more competitors share that top spot.

It’s a way to be more specific than just saying “the favorite.” Here’s the simple breakdown:

• Favorite:One competitor has the best odds to win.
  • Example: Scottie Scheffler is +400 (the favorite), and everyone else is +800 or higher.
• Joint-Favorites:Two competitors are tied for the best odds.
  • Example: Horse #3 and Horse #5 are both 3-1 (the joint-favorites).
• Co-Favorites:Three or more competitors are tied for the best odds.
  • Example: On a race sheet, you see that Horse #2, Horse #7, and Horse #9 are all 4-1. They are the “co-favorites.”

It’s just a quick way for oddsmakers and bettors to describe a very wide-open race or tournament where there isn’t one or two clear-cut choices to win.