Okay, I debated on whether or not I wanted to ask this question and risk showing my complete and absolute ignorance in regards to the technical aspects of poker, but I could really use some clarification.
When someone is a "favorite" 2 to 1, etc. What does that mean exactly? I watch the poker shows on TV and they mention that so-n-so is a 2:1 favorite over the other guy and I can tell. Based on the percentages that they show, 80% to 40%, etc. I assume that 2:1 meants that player A is twice as likely to win the hand over player B.
Am I correct in this assumption? Also, if I am playing someone how do I know I am a favorite over him or visa
Any explanation would be greatly appreciated.