favorite-n; 2 Senses

Sense Number 1: something or someone highly liked, popular

Commentary: FAVORITE[+entity][+liked][+greatly]

That tune is an old favorite from the 1930s.
Mary would not admit that she had a favorite among her nieces and nephews.
This story is one of my favorites by Edgar Allen Poe.

WordNet 3.0 Sense Numbers: 1, 2

Sense Number 2: a competitor most likely to win

Commentary: FAVORITE[+entity][+competitor][+winner][+probable]

He was the early favorite to win the South Carolina caucuses.
The chestnut filly is the favorite to win the 2 and a quarter mile race.

WordNet 3.0 Sense Numbers: 3