X Factor 2009: Joe now hot fav for Christmas No 1

Joe McElderry is a red-hot 1/8 favourite with Ladbrokes to have the Christmas number one following his success in this year's X Factor contest.

The likeable Geordie celebrated his success with an immediate rendition of Miley Cyrus hit The Climb and bookmakers instantly cut the odds on that song topping the charts from 2/9.

“Joe is the toast of fans up and down the country. For weeks now he’s looked like the only realistic winner and has justified his billing," said Ladbrokes spokesman Nick Weinberg. "Christmas chart success is virtually assured.”

The same firm have Cheryl Cole as 15/8 favourite to complete a hat-trick of victories in the winning mentor market for next year's show.

Simon Cowell is 9/4 here after finishing second best this time with Olly Murs, Dannii Minogue is a 3/1 chance to prevail in 2010 and Louis Walsh the outsider at 10/3.

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Tags: Cheryl Cole, Christmas Number One Betting, Dannii Minogue, Joe Mcelderry, Louis Walsh, Miley Cyrus, Olly Murs, Simon Cowell, The Climb, X Factor, X Factor 2009, X Factor Betting