1. people or things that are preferred or liked more than others
Usage: plural form; British spelling (American: favorites); commonly used in informal contexts
2. competitors or teams expected to win a contest or competition
Usage: plural form; British spelling (American: favorites); sports and betting contexts

Examples

• My favourites in the candy store are the chocolate truffles.
• She has three favourite books that she reads every year.
• The home team are the favourites to win the championship.
• Ice cream and pizza are among the children's favourites.
• He listed his top ten musical favourites on social media.
• The defending champions remain the favourites despite recent losses.