Fortune's Favor is a passive that boosts accuracy, dodge, and luck.
A passive provides a boost to stats when equipped (so no need to click to activate).
To check for the stat boosts, I will have to wait until I have 0 ghi. ;w; But I do know that Fortune's Favor grants +13 luck.
Luck increases the frequency of loot. Luck also increases the amount of gold you receive from killing the animated.
The chance of receiving a certain loot depends on the drop rate, besides luck.