IPA: //koʊˈfeɪvərɪt//
KK: /koʊˈfeɪvərɪt/
A person or team that is equally favored to win a competition or event, often alongside another person or team.
The two players were cofavorites to win the championship this year.
Cofavorite → It is formed from "co-" (meaning together) and "favorite" (from Latin "favorem", meaning favor or preference). The word "cofavorite" means someone who shares the same preference or favorite with another person.
Think of 'together' ('co-') sharing a 'preference' ('favorite') — that's why cofavorite means someone who has the same favorite as you.