American Idol Betting Odds (Updated)

American Idol betting odds had Adam Lambert now as the -350 favorite after opening at -250.  Lambert was initially a -250 favorite.  One would have to bet $3.50 to win $1.00.  Should Lambert be named the next American Idol, the payout would be $1.00 plus the $3.50 bet gets returned for a total of $4.50.  By Wednesday afternoon, Lambert was listed with -150 odds, Allen at +120.  

Kris Allen, heading into Tuesday, pays out $2.25 for every $1.00 bet as the underdog.  By Wednesday afternoon one would win $1.20 for every $1.00 for being late betting on Allen. 

"Most of the action has gone to Adam Lambert," says Payton O'Brien of Gambling911.com.

Rolling Stone offered some glimmer of which celebrity acts might be appearing on Wednesday night's grand American Idol finale.

The Definites: Season Four winner Carrie Underwood, arguably the biggest star the show has ever produced, will perform her cover of Mötley Crüe's "Home Sweet Home," which has been used as this season's farewell song. Jason Mraz confirmed on his Website that he will perform on the show.

The Definitely Maybes: According to the AP, the Black Eyed Peas, Cyndi Lauper, Lionel Richie, Keith Urban, Carlos Santana, Queen Latifah and last year's Idol champ David Cook will all appear on the finale. CMT reports Urban will duet with Kris Allen, while Idol fansite MJ's Big Blog says Lauper will sing with the equally rambunctious Alison Iraheta, who finished fourth this season.

Betting on American Idol will only be available up until the start of the results show.  All American Idol betting odds courtesy of  Sportsbook.com

Carrie Stroup, Gambling911.com Senior Reporter