Iceland have made headlines and been backed on the Exchange after unveiling a funky number for the Eurovision song contest in May, reports Max Liu.
"For the UK, the priority is to improve on 2019's last-placed finish. That task falls to singer James Newman who will perform 'My Last Breath' at the final in Rotterdam."
Iceland are likely to be one of the main contenders at Eurovision 2020 after their entrants Daoi og Gagnamagnio went viral with the video for their track "Think About Things".
Home to a population of just over 364,000, Iceland is one of Europe's smallest countries but, with acts like Bjork and Sigur Ros to its name, it has a strong pop music pedigree. Now Iceland is 8.07/1 on the Exchange to win Eurovision.
Lithuania 6.05/1 are the current favourite but the momentum is definitely with Iceland as "Think About Things" received over a million views on YouTube after it was confirmed as the country entry - remarkable for a Eurovision song over two months before the final on May 16.
UK aims to improve on last-placed finish
Bulgaria 8.88/1 are also among the early front runners, and you can never rule out the Russians 13.5, while reigning champions Netherlands 48.047/1 are attracting few backers.
For the UK, the priority has to be to improve on 2019's last placed finish. That task falls to singer James Newman who will perform "My Last Breath" at the final in Rotterdam.
The UK is 200.00199/1 to win for the first time since 1997 although, if you do fancy a patriotic wager, you'll probably get decent odds on a UK top 10 finish.
It's early days for Eurovision 2020 and much will change in the betting between now and the big night. Sadly, like the Tokyo Olympics, the final could be affected by the Coronavirus outbreak, so fingers crossed the song contest goes ahead on schedule.