Green’s Dictionary of Slang

(orig. US) a favourite; in horseracing, the favourite.

1940		L. Pound ‘Guide to Variety’ AS XV:2 204/2: fave. Favorite.
1952		W. Winchell On Broadway 6 Aug. [synd. col.] There have been a couple of big private bets [...] with Eisenhower the 9 to 5 fave.
1975		G. Underwood ‘Razorback Sl.’ in AS L:1/2 59: fave n Favorite person.
1983		J. Byrell (con. 1959) Up the Cross 117: [He] grabbed the odds on offer for the fave.
1991		Desperate Dan Special No. 7 2: Cow-pie! My fave!
1996		J. Cameron It Was An Accident 244: Dog number three seemed like the fave round there.
1996		J. Byrell Lairs, Urgers & Coat-Tuggers xx: Cabochon was a fave for this year’s running [ibid.]128: When the fave could manage only a plodding fourth, the wild-eyed mob pelted The Demon with everything from form books to half-eaten meat pies.
2001		J. Stahl Plainclothes Naked (2002) 224: How much stress was involved [...] trying to keep Mayor Marge stocked with L’eggs panty hose, her absolute fave.
2013		T. Peacock More You Bet 35: The ‘favourite’ might also be referred to as ‘the fave’ [...] or the ‘bird’ or the ’aviary’ or ‘the pea!
2020		C. Hiaasen Squeeze Me 112: Blueberries were his fave. he gobbled them by the fistful.