1. The selection with the lowest back price.
2. If two or more selections have the same back price, then the selection with the lowest lay price will be picked among them.
3. If two or more selections have the same back and lay prices, the selection that comes first in the list will be identified as the favourite.
When one refers to the first, second, third, etc. favourite, one means the selection with the lowest, second lowest, third lowest, etc. price.
The favourite's number is equal to its rank.
The period between the official end of an event and the moment it becomes settled. When a market is finished, it can no longer be refreshed or accept bets, but the outcome of that market is still unknown, so any matched bets remain unsettled. A few minutes usually pass before the market turns from finished to settled.
The horse’s form is a sequence of the results with which the horse has performed in the past racing events.