Music
The two-time champion's entry 'Fairytale', sung by Norwegian Idol semi-finalist Alexander Rybak, has been given odds of 6/4 by William Hill to triumph at this Saturday's live final.
Speaking to The Washington Post, the singer-songwriter said: "I try to think about being the favourite as a good thing as it means people like my song. The prize for me is to be in Eurovision, that is the prize in itself."
United Kingdom hopeful Jade Ewen is currently sitting in fifth place with odds of 14/1 against her Andrew Lloyd Webber-penned track 'It's My Time', which had been at 20/1 earlier in the week.
Sitting ahead of the UK in the table are 2005 winners Greece at 6/1, Turkey at 7/1 and Bosnia and Herzogovina, which has been given odds of 9/1 to win.
Despite a promised appearance from Dita Von Teese, Germany's entry is lagging behind with 40/1 odds, while show host Russia is sitting at 80/1. Ireland has been given just a 100/1 chance of winning.
The Eurovision Song Contest airs this Saturday at 8pm on BBC One.
> Click here to see the latest odds from William Hill
> Click here to read our interview with Jade Ewen
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