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Well, I'm not that good with stats, but I think I figured this out.
First, you're right. the chance is the same for both pairs that they will hit. both has 2 cards out of the 50 that will give them the win.
But you're only looking at half of the picture. What of the rest of the 48 cards that won't let him win if it doesn't hit?
Thus, think of the probability like this:
Overpair winning = both 2 cards hit (or 2 cards hit and 1 card hit for underpair), 1 card hit and no card hit for underpair, no cards hit for both pairs (which of there is 46 and is quite a lot).
Now fill in the statistical figure in that equation and you'll get to that 4-1 i think. So both has 1-1 to hit, but not hitting gives the overpair the extra 3 in the odds.
Something like that.
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