The delay of the official host city announcement from late July to August 12 has driven the sharp swing in trader sentiment toward Burgas, now carrying nearly three-quarters implied probability. After BNT narrowed the field to Burgas and Sofia in mid-July and eliminated Plovdiv and Varna, the extended evaluation period appears to have strengthened Burgas’s coastal bid and Arena Burgas proposal in the eyes of bettors. Sofia’s earlier frontrunner status, bolstered by its Arena Sofia venue and Junior Eurovision history, has faded amid the uncertainty, leaving the capital with only modest market support. With the decision imminent, any late signals from BNT or the EBU could still produce a final shift before resolution.