A joint favorite exists when two or more competitors are priced the same at the shortest odds in an event. The market sees them as equally likely to win. In some rules, a joint favorite can affect how a bet is settled, such as in special bets that name the favorite. If an operator’s terms say a favorite is needed, they usually say how ties are handled, so the terms should be read before betting.
Example
In a race, two horses are both at 3/1 and every other horse is longer. Both are joint favorites. Each implies a 25% chance.