I support this idea. Op, please make sure that you choose either reputable websites like Sportsbet and Cloudbet or a smart contract-based betting website. In the latter case, the payments are supposed to be sent out automatically, so there is a minimum risk of being scammed. Odds are important, of course, but if you find an unpopular website with odds being a lot in your favor, it might be a scam.
And remember that Eurovision is first and foremost a political contest, so they either give a price to a country that needs to be supported by the West from the political perspective or to a song that brings up an important topic like feminism, LGBT, various forms of discrimination, etc.
Good luck with the bets!