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Oooof. Live Bets Direct took something of a hit wagering on the 2009 Eurovision Song Contest last night, going a marginal six for ten picking winners to magically turn $100 into $68.70. Even the Finland-over-Lithuania siding suggested after Bet 365 pulled the rug on their marvelous “To Finish Last in 2nd Semi Final” proposition bet – early birds’ll be counting their money on that one the minute Eurovision officials release detailed voting results from the competition.

In any case, LiveBetsDirect.com wants to make it all up to you today as this writer ruminates about just how the hell Serbia didn’t get through … ah, just blame everything on what one disgruntled Slovenia fan called “Russian Diaspora Voting.”

Let’s talk winner first, then weirdy prop bets. Based on a number of factors running the gamut from hype to past results to actual, you know, talent, the contenders can be reduced to the five favorites plus one underdog special. All odds (and concomitant bookmakers) cited below are the longest available.

•  Norway (21/20 at Bet 365) – The favorite pretty much since smoking the competition in Norway, Alexander Rybak and his “Fairy Tale” has been at the top of the table. The hype could work against Rybak in the final – a few observers at the first dress rehearsal reportedly booed Rybak’s performance, but it wouldn’t be surprising if opposition backers were trying to rattle the dude – but this guy’s a pro.

•  Greece (11/2 at Paddy Power) – Serious studboy Sakis Rouvas wowed the house by throwing himself around performing his mega-cheesy “This is Our Night” and lived up to his top-three status. The only serious threat to a Rouvas upset might be…

•  Turkey (21/2 at Bet 365). So-sexy Hadise killed with her “Büm tek tek” in certainly the best big-show performance of the tune to date. She has serious international appeal and will surely score the vote of any male putting in his two eurocents on Saturday night.

•  Azerbaijan (13/1 at Bet 365) – Folks just keep loving on this duet; AySel and Arash will probably charm their way right into the top five.

•  UK (13/1 at Bet 365) – Time has seen the odds get shorter and shorter on the UK for a couple of months now. It’s hard to tell for certain whether this is merely the result of disproportionate betting from the UK (the media back home is hyping up the Andrew Lloyd Webber angle) or actual response to rehearsal performances. Nevertheless, Team UK is certain to have Jade Ewen ready for “her time.”

Fallen by the wayside of this consideration are former scintillating possibilities from Bosnia & Herzegovina (just 11/1 at Intertops online bookmaker); Ukraine (25/1 at Intertops); Spain (80/1 at Bet365 and, boy, is that last spot a killer, eh?); and Sweden (60/1 at Bet 365)

For longshots, take a look at Malta (55/1 at Bet 365). Chiara may have been a victim of overhype, what with her two third-place finishes previously, but one gets the feeling that her less than mindblowing performance of “What If We” wasn’t her all. Though quite unlikely she’ll take the whole thing, if Ms. Malta finds that fifth gear, she could well bag another bronze.

Which segues nicely into a discussion of what most bookmakers call “each-way betting” but in the case of the 2009 Eurovision Song Contest might be best called “trifecta betting.” So you’re tentative about betting a low-odds favorite like Norway? Try a trifecta; nailing all three in any order automatically gets you ahead and in most cases picking two of three will turn a profit.

Of Live Bets Direct’s currently partnered bookmakers, Paddy Power is your most favorable stop. Most bookies have trifecta odds on the Eurovision final, but Paddy Power offers better odds. To calculate the “each-way betting” odds, Paddy Power multiplies by 1/3; therefore, for example, a bet on 12/1 UK to win, place or show gets 1/3 times the odds to win: 12/1 * 1/3 = 12/3 or a 4/1 payout should “It’s My Time” land in a top-three spot.

(Intertops is offering trifecta betting at 1/5 odds, while Bet365 offers a 1/4-win odds multiplier but betting on Norway is off!)

So here’s the Os Man’s strategy on this one (or, to put it another way, give me another chance please): $10 on each of the aforementioned picks – Norway (8/33), Greece (11/6), Turkey (10/3), Azerbaijan (10/3), UK (4/1), and Malta (40/3) ensures a win if Greece or Norway finishes in the top three along with one of the other four. If $35 goes down on Greece and $10 on the others, you’re guaranteed a profit if Greece comes in; another other winner on your trifecta ticket is gravy.

Incidentally, Paddy Power is naturally the stop for some serious exotica on the 2009 Eurovision final as well. Feel like wagering on a prop bet asking you to prognosticate “Number of points UK to give Norway” or “Number of points Norway to give UK”? You’re crazy. Also, head over to Paddy Power. And don’t forget those Dita Von Teese specials!