Betting companies have placed the Years & Years singer just about in the top 10 contestants with a chance of lifting the trophy at the finals in Sweden on Saturday.
Eurovision audiences will see the 33-year-old deliver a live rendition of his catchy dance track Dizzy in today's semi-final.
And he said: "I saw that one of my odds said that I had like a 1% chance of winning - I like those odds, it's better than zero?" Olly explained he is "drawn" to looking at the betting odds as "you just never know what's gonna happen".
Drama
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Burst of snow is first taste of winter
THICK snow could bring glee for some and gloom for others today as drifts up to 20cm deep were forecast for parts of the country overnight.
'If we don't have a next generation, there will be no future for farming.It is the backbone of this country.Without it, we cannot survive'
worried that they inheritance tax they make a profit'
HOT TO THE TUCH
Thomas has so much talent at his disposal
Southgate showed me how to be smiles better
LAUGHS AND INSIDE JOKES BRING CUP TEAM TOGETHER
Buttler calling for the big two
ONE-DAY HOPES FOR STOKES AND ROOT
Aaron's determined to turn jeers into cheers
AARON WAINWRIGHT fully understands fed-up Wales fans have started voicing their grievances at the long and sorry plight of their side.
SKELTON HAS GREY-T EXPECTATIONS
DAN SKELTON has claimed Betfair Chase favourite Grey Dawning is \"as good as any staying chaser we've had at this stage of their life\".
Billionaire family fight for £21m Idol's Eye gem
A £21MILLION diamond known as the Idol's Eye is being fought over in London by Qatari royals.
Oakes brings fight for trees to No 10
ACTOR David Oakes joins campaigners in Downing Street to deliver a 100,000-name petition calling for historic trees to be protected by law.
Non, je ne regrette rien composer dies aged 95
THE French composer behind Edith Piaf's biggest hit died yesterday at the age of 95.
