Bookmakers have Croatia, Switzerland and Ukraine as the top three favourites to win, while streaming data from Spotify suggests a strong chance for the Netherlands, Italy or host nation Sweden.
"This year is so exciting because there are four or five countries who really have a good shot at winning," William Lee Adams, editor of Eurovision fan site Wiwibloggs, told Reuters.
"Eurovision is so boring when you have one clear favourite months in advance. But this year there is so much left to play for."
Croatia's contestant Baby Lasagna (real name Marko Purišić, 28) this week overtook Switzerland as bookmakers' favourite with song Rim Tim Tagi Dim about a young Croatian who leaves his home aspiring to become a "city boy" with better opportunities.
Ukraine, which won the contest two years ago months after it was invaded by Russia, is represented this year by duo alyona alyona, 28, and Jerry Heil, 32, with Teresa & Maria, a folk-inflected pop song with a strong dance beat and fast-paced rap. The winner normally hosts the following year, but last year's contest was held in Britain because of the war.
Another top contender is Joost Klein, 26, of the Netherlands with his song Europapa which mixes tunes of pop with happy hardcore. Klein, who lost his parents at a young age, says the song is about an orphan who travels around Europe trying to find himself, as his father taught him to believe in a Europe without borders.
Also in the running is Italy's Angelina Mango, 23, with her song La Noia which translates to Boredom. Host country Sweden is seen as having a chance for back-to-back wins, represented by Norwegian twin brothers Marcus and Martinus Gunnarsen performing their song Unforgettable.
Four-time winner Israel, represented by Eden Golan, 20, is also ranked by bookmakers in the top 10. Her song Hurricane was Israel's third proposed entry after the European Broadcast Union rejected two songs over lyrics deemed political.
