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Bookies have slashed the odds of us bagging the trophy from 12-1 to just 6-1 since the news broke on Saturday night.
Coral spokesman John Hill said: &ldquo;Olly Alexander is a huge star around Europe and we think he gives the UK an excellent chance of winning Eurovision next year.&rdquo;
Olly, 33, revealed he was representing the country live on BBC1 during the Strictly final.
The star, who has already had hits as part of Years And Years, is thrilled to be flying the flag for the UK in Sweden next May.
He said: &ldquo;I&rsquo;ve loved watching Eurovision ever since I was a little kid and I&rsquo;m beyond excited to be taking part next year.
&ldquo;I&rsquo;m determined to give it everything I&rsquo;ve got and put on an excellent and unforgettable performance for you all!&rdquo;
Olly&rsquo;s entry is due to be unveiled within months.
edward.gleave@dailystar.co.uk
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UK's now favourite thanks to star turn

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