We've added a badge under the Win % for the competitors with the most money wagered on them to finish 1st, 2nd, and 3rd.
Favored for 1st: the competitor with the most money wagered on them to come in first
Favored for 2nd: the competitor with the most money wagered on them to come in second
Favored for 3rd: the competitor with the most money wagered on them to come in third
You might notice these badges don't always line up with the Win % ranking. For example, a competitor could have the second highest Win % but not be favored to come in second. That's because wagers to Win and wagers to Place are separate pools. Someone might have the second most money wagered on them to win, but very little wagered on them to place. These badges reflect the most money wagered on a competitor for that specific wager type.
All of this is just to give you a better sense of who other players think will win. What you do with that information is up to you. Go with the crowd, or take a shot on the long shot!