The term ‘favourite’ comes from the fact that they’re the punter’s favourite; in other words, they’re the ones favoured by punters to win meaning that the money bet on them leads to bookmakers needing to keep the odds on them short to avoid too much of a liability, should they win. If you were looking at the match winner market and India were 1.7 and Pakistan 2.1, then India would be the favourites and Pakistan would be the outsiders.