Jedward win could cost bookies up to €7 million

PADDY POWER could be facing the single biggest loss in its history if Jedward win the Eurovision on Saturday night.

The company said it is in line to lose €2 million, although estimates run as high as losses of €7m if Jedward go on to win.

The bookmaker said it is the single biggest liability in the company’s history. A win would cost it more than the damage inflicted by Kauto Star when he won the 2008 Cheltenham Gold Cup or when Padraig Harrington won the British Open in 2007.

A spokesman for Paddy Power said €750,000 had been bet by Irish people on Jedward winning, although it was likely to hit €1m.

“There has been a massive interest in betting on the Eurovision,” he said.

Jedward started out at odds of 20/1 to win, but Paddy Power has since slashed the odds to 9/2. Jedward are the second favourite to win, behind France. Other bookmakers had Jedward initially at 40/1 to win.

Paddy Power is not ruling out slashing the odds further if the level of betting continues.

Spokeswoman Sharon McHugh said: “Jedward never fail to shock and I think it’s fair to say that if they win they’ll give us the shock of our lives. Bringing the Eurovision home will cost us a fortune. They are causing such a commotion.”

Meanwhile, Ladbrokes also said there has been a surge in betting on Jedward to win the Eurovision. It said the Dublin duo have topped internet searches for Eurovision 2011 against their competitors.

“We had originally chalked them up as 25/1 outsiders but the money has been coming in thick and fast and their odds may well take another plunge in the market should this level of support continue,” said a Ladbrokes spokeswoman.

Jedward, real names John and Edward Grimes, will take to the stage in Dusseldorf tonight for the Eurovision semi-final and are tipped to make it through to the final.

Google’s Eurovision forecaster has predicted a Jedward win. They have jumped ahead of Germany’s entry, Lena.