A very long but interesting season is culminating today with the Eurovision Grand Final and I reckon that this will be a nerve wracking experience for the fans and those involved in the betting process.
Not many thing have changed in the Top-3 in the odds with Sweden leading the race all the way since February, trading in the 1.9-2.2 region for most part of the last month.
Austria is the runner up since their song release watching Sweden from some distance at 3.6-4.5.
These two have been the steady pillars on the top. Things were a bit shakier for the third favourite with Netherlands, Israel for a short term, and France swapping places
When the running order was revealed, France shortened from the 13-14.5 region and last night traded as low as 6.
Finland settled in as the fourth favourite and Netherlands lost some ground and is closing the Top-5.
This is the odds reality and has been stable and throughout the season. The market implied that we have a two horse race between Sweden and Austria that could maybe turn into a three horse race, with a clear favourite though, Sweden.
If you are a regular reader of this blog and a regular listener of the Talk About Things ESC podcast, you know that I beg to differ and have been very vocal about it.
I do believe that tonight will be a tight race between France and Sweden, with Netherlands looking from some distance ready to grab the opportunity if given one.
The reason why the market over-estimates Sweden and under-estimates France is that investors/bettors believe that the crowd pleaser/ televote magnet entry will win because of a high PV score (330-350) points and Juries will recognise its artistry and reward it with 200+ Jury points.
The second narrative is that if the Jury winner wins Eurovision that is Austria. My objection with than angle is that the market has chosen the most "televote friendly" jury oriented entry with many red flags around it.
Regarding the Public vote theory of Sweden getting 330-350 points, my point is that we have many televote magnets in the mix that will face a harsh dilution.
Sweden, Estonia, Finland are all from the same region, Germany is relatively close and Israel was the Public vote winner in that region last year. Add to the mix the full Nordic/Baltic ensemble with Norway, Iceland, Denmark, Latvia and Lithuania and securing a top mark starts feeling a tough mission and not a walk in the park. Add the Albanian, Greek and Polish diaspora in the mix and the low tier PV magnets and you get the picture. Not all of these entries will manage to gather high scores everywhere and/or consistently. I wouldn't be surprised if we end up with 10 or 11 entries over the 100 points threshold.
Even the audience poll in the arena last night suggests a tight race between the favourites.
At the same time, the jury oriented entries group is much smaller and more solid with the likes of France, Switzerland, Austria and Netherlands being able to secure some high and mid scores consistently. Italy is always up there and Greece, Albania have a free pass to the high Jury scores in the Balkan region. Sweden will be recognised and will get some solid points, but not sure it is the type of entry that will reach the 200 points threshold.
The big mystery here is Austria and how high it could fare with them. I do think that Austria will finish 3rd with the Juries in best case scenario and that leaves the road open to France.
Here is my analysis for tonight with the key points for each country.
1. France
Estimated Points: 490-545 (Tv: 200-225 - Juries: 290-320)
France is the favourite and always was to win the Juries.
Numbers suggest that a country voted by at least 33 countries in Jury vote, will be voted by the same amount of countries in the Public vote, not getting the high scores but the solid 4s-8s that can secure the win.
EBU has made everything in their hand to accommodate the best possible result in the Public vote and the running order suggests that.
If they have a lead of over 125 points in the Jury vote, then I can't see how Sweden can recover from there
Path for victory: 275+ Jury pts (ideally over 300) / 200-225 PV points
2. Sweden
Estimated Points: 420-480 (Tv: 290-320 - Juries: 130-160)
Their odds lead is more fragile than people might think and their path goes through a sustainable Jury score of over 175 points (ideally 200). A Eurovision winner has never failed to get at least 4 sets of 12 points in the Jury vote and I struggle to see Sweden reaching that crucial number.
The metrics also suggest that Sweden will not be landsliding the Public vote either. Still in the mix for the win but they need to stay close to France in the Jury vote and hope for a France fall out in the Public vote.
Sweden has a ceiling around the 500 points mark, while France has more space to grow with the Juries.
Path for victory: 175+ Jury pts (ideally over 200) / 300-325 PV points
3. Netherlands
Estimated Points: 375-425 (Tv: 150-175 - Juries: 225-250)
The one that lost some ground and is probably already out of contention but with some solid numbers that could secure a Top-3/5 result.
The reason I do keep Netherlands over Austria is that Claude's charisma and the song have more appeal in both constituencies than Austria in my opinion. A safe option for a Top-5 result.
Path for victory: 275+ Jury pts / 200-225 PV points
4. Austria
Estimated Points: 290-360 (Tv: 110-130 - Juries: 180-230)
If Austria win tonight then I will have to reconsider my whole approach towards Eurovision analysis, but I don't think this will be the case. The flaws are there from the beginning, a genre that is not everyone's cup of tea, a staging that is impressive but used as a showcase for Sergio Jaen's talent and a self-indulged performer that does not connect with the viewer and makes the song a vessel to highlight his vocal abilities.
The results in the Semi Finals (Belgium/Czechia/Cyprus NQs) are a proof that the audience is not responding to this type of entries even if the staging looks impressive. Finishing 3rd is the best case scenario for them but failing to finish in Top-5 is more probable. I have laid Austria in every single market this year and have no regrets or second thoughts about their chances.
Path for victory: 275-300+ Jury pts / 200-225 PV points
These are the four countries that still have a chance to win tonight, even a very slim one. There will be an interesting battle between a few countries for the last Top-5 spot and an exciting battle for the Top-10 race with another group of countries having a chance to be there.
5. Estonia
Estimated Points: 310-345 (Tv: 270-300 - Juries: 35-45)
6. Israel
Estimated Points: 285-330 (Tv: 225-250 - Juries: 60-80)
7. Switzerland
Estimated Points: 240-275 (Tv: 35-45 - Juries: 240-275)
8. Albania
Estimated Points: 225-285 (Tv: 125-150 - Juries: 110-135)
9. Germany
Estimated Points: 210-245 (Tv: 175-200 - Juries: 35-45)
10. Finland
Estimated Points: 185-220 (Tv: 150-175 - Juries: 35-45)
11. Ukraine
Estimated Points: 170-210 (Tv: 120-140 - Juries: 50-70)
12. Greece
Estimated Points: 150-195 (Tv: 60-80 - Juries: 90-115)
13. Poland
Estimated Points: 130-165 (Tv: 125-150 - Juries: 5-15)
14. Italy
Estimated Points: 110-140 (Tv: 30-40 - Juries: 80-100)
15. Lithuania
Estimated Points: 90-115 (Tv: 50-65 - Juries: 40-50)
16. Portugal
Estimated Points: 60-75 (Tv: 20-25 - Juries: 40-50)
17. Malta
Estimated Points: 55-75 (Tv: 30-40 - Juries: 25-35)
18. Luxembourg
Estimated Points: 55-70 (Tv: 15-20 - Juries: 40-50)
19. Spain
Estimated Points: 50-70 (Tv: 30-40 - Juries: 20-30)
20. Norway
Estimated Points: 45-65 (Tv: 35-45 - Juries: 10-20)
21. Denmark
Estimated Points: 35-50 (Tv: 20-25 - Juries: 15-25)
22. Latvia
Estimated Points: 35-50 (Tv: 5-10 - Juries: 30-40)
23. Armenia
Estimated Points: 30-45 (Tv: 15-20 - Juries: 15-25)
24. San Marino
Estimated Points: 30-45 (Tv: 30-40 - Juries: 0-5)
25. UK
Estimated Points: 20-35 (Tv: 0-5 - Juries: 20-30)
26. Iceland
Estimated Points: 20-30 (Tv: 15-20 - Juries: 5-10)
My positions
I have been a solid backer of the France - Netherlands duo, having a big position with both of them and some solid investments for both of them in the Top-3/5 markets (Top-3 Fra 2.76 / Neth 4.21, Top-4 Fra 2.5/Neth 2.91, Top-5 Neth 2.40)
These Top-3/5 investments could be enough to cover my whole investment in winner market without any trading in a case of a max red position (Austria/Finland/Estonia).
I do have a considerable bet for France to win the Juries @4 and my my other strong positions are Albania's Top-10 (2.26), Switzerland's Top-10 (2.36) and Germany for Top-15 (2.19) and Top-10 (5.17) and Greece's Top-10 (4.6)
Landing two of these investments would generate a positive outcome despite having 0 returns in winner's market.
Germany/Albania Top-5 (20.3 /8.2) would be the cherry on top. I have used some combo bets to cover Sweden, and would be open for some on play cover during the voting.
In the last place market I have a group of entries that could end-up there (Iceland @9.33, San Marino@26, Latvia@55, Luxembourg@36.4, Malta@64.5)
Betting Time
I had some good results this year with a few open bets whose outcome we will find tonight.
For Semi Final 1 I tipped
Estonia To Win SF-1 @ 9.2 x 20 units
Norway NQ @ 5.22 (lay 1.22) x 50 units
Slovenia Q @ 1.90 x 30 units
with Estonia still open
For Semi Final 2 I tipped
Luxembourg to Finish in Top-3 @ 4.7 x 25 units (Exchange)
Czechia to Not Qualify @ 2.38 x 50 units (bet365)
Serbia/Armenia/Lithuania/Luxembourg Combo to Qualify @ 5.04 x 25 units