Bookmakers cut the odds on Spain winning the World Cup to 4-1 (5.0) following Friday’s World Cup draw, making them favourites ahead of Brazil.
Brazil are 5-1 (6.0) with the London betting firm Coral’s, after being grouped with Portugal, Ivory Coast and North Korea.
Spain are seen as having an easy task of making it to the last 16 after they drew Switzerland, Honduras and Chile.
England, meanwhile, were cut from 6-1 (7.0) to 11-2 (6.5) after drawing USA, Algeria and Slovenia.
“Patriotic punters will be delighted with the draw as, on paper at least, England should have few problems qualifying from their group,” said Coral’s spokesman Davis Stevens.
“Although they will then face tougher tasks if they are to progress further, we regard Fabio Capello’s men as leading contenders for glory in South Africa, an outcome that would cost the bookies millions.” Argentina, who drew Nigeria, South Korea and Greece are fourth favourites to win the trophy at 11-1 (12.0), with holders Italy moved in to 13-1 (14.0) after being placed in a seemingly simple group with Paraguay, New Zealand and Slovakia.
Germany are 14-1 (15.0), with the Netherlands and France both 16-1 (17.0).
Ivory Coast are the shortest priced African team at 31-1 (32.0), while hosts South Africa are 120-1 (121.0) Paddy Power installed Spain’s David Villa as favourite for top-scorer at 9-1 (10.0), with Luis Fabiano of Brazil at 10-1 (11.0).