Expect much fancied favourite to lose every time (4)
I believe the answer is:
hope
'expect' is the definition.
(synonyms)
I don't understand the remainder of the clue.
Can you help me to learn more?
(Other definitions for hope that I've seen before include "writer" , "It springs eternal, it's said" , "Something wished for" , "Expect and wish" , "confidence" .)