I tried that one a few times, to determine what makes a Fav. a Fav.

Since la Mer posted those URL's on the class and weights rules, I'm in a top spin about it again!
So here goes,

1.Public Opinion ?
2.Ratings according to those URL's and the ratings are converted to odds. Therefore the highest rated horse is Fav.
Thing is, same rated horses or closely rated often makes it harder to determine a true Fav.
I think this is where percentages come to play, and let's say there is a percentage margin between the 2 favs, bet or no bet.
That percentage margin being the risk factor
3. From your own ratings,convert to odds, and you have your own Fav.
Let's say your Fav. come to 2.50, but acording to public opinion it's actualy paying 4.50. and its 2nd Fav.
Publics Fav. is 2.50.
Do you trust your ratings and back your Fav., or have doupt and go with the flow?

Having asked what makes the Fav. is judgement and whatever else goes into this game.

Personaly, the horse that wins,no matter what the price, if it wins, it was the Fav.
We just did not identify it on the day if it won and was not the Fav.