Is it an objective good song, or do all agree that it is incredibly bad? The judgment can be influenced by many factors, such as the trend of time, what types of songs are suitable for Eurovision? Decimal Oddsĭecimal Odds are most popular in Europe, Australia and Canada, and many think that they're the easiest format to understand. The oddsmakers evaluate each songs' qualities. This is particularly happening in the initial phase, where the song is not even released. If a country has been statistically successful at Eurovision, oddsmakers will take this into account in their odds pricing. Historical statistics have a great influence on how the oddsmakers price each participant's song.

This mechanism is often referred to the 'Lemming effect'. Therefore, it is better to 'play safe' and follow the neighbour than risking a loss on a song. If a neighbour suddenly lowers odds on a particular song, it can either mean that the neighbour's customers have bet more on this song, or maybe the neighbour has some insider information that you don't have. Both to be competitive, but also to read trends.

The bookmakers look a lot at the other competing bookmakers' odds.

Therefore, the bookmakers will automatically lower this song's odds so that the bookmakers do not lose money. If a lot of customers bet on a specific song, it is a hint that customers consider it a good bet – or in other words: the odds of the song are too high, compared to the customer's expectation of payback. This even happens completely automatically. They constantly analyze which participants their customers place their bets on. And they try everything they can for not risking losing money on improperly priced odds. Money is the most important factor for a bookmaker. Wisdom of the crowds will drive the odds to the true price

Understanding sports betting odds