This happens when sportsbooks believe that two or more teams, players, or horses have an equal chance of winning an event. Instead of having one clear favourite, the odds reflect multiple participants with the same level of favoritism. This typically occurs in situations where there is no standout contender or when recent performances of the competitors are closely matched.
Joint-Favourite Example
For example, in a horse race, if two horses are both considered equally strong and likely to win, they may be listed as joint-favourites with odds of 3/1 each.