Long ones wont be associated with favourites (4)

I believe the answer is:

odds

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'long ones' is the definition.
The definition suggests a plural noun which matches the answer.

I don't understand how the rest of the clue works.

(Other definitions for odds that I've seen before include "Betting ratio" , "Scraps" , "Betting figures" , "Probabilities" , "Betting price" .)

I've seen this clue in The Irish News.

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