This is a semantic point, but---- I definitely don't use the word "favorite" in the same manner as you.

For example... in a situation where I have a 45% chance to win vs. 1 opponent who has a 55% chance to win, I would never say that I'm a 45% favorite.... I would say that I'm a 10% underdog (dog, actually)... or that, my opponent was a 10% favorite.

I believe--- and someone correct me if I'm wrong-- that the word favorite is, and should be, reserved for speaking about the person who is actually ahead in the hand (the one who is in fact the "favorite").

It's kind of a silly point, but I've been drinking, and after reading your post I had to run the numbers myself-- even though I knew there was no way that the OP could have been a 20% favorite...

And now I've made a stupid post about it....