A bare 55-45 favourite

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Senior Member
What does a bare 55-45 favourite mean?

“Given all this uncertainty, it is tempting to conclude that it is too early for predictions, and call the election a virtual toss-up. That is the view of bettors, who currently make Mr Biden a bare 55-45 favourite. Yet a hard look at the data and at history suggests that this is too generous to Mr Trump. The Economist's first-ever statistical forecast of an American presidential race, which we launch this week and will update every day until the election, gives Mr Biden an 82% chance of victory.“

I hope someone can help me figure it out.
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