What if you could bet on two of the top soccer teams in the world at bargain prices? Italy, the reigning World Cup champions, were 10-1 at press time to win Euro 2008. The team they beat at the final, France, is even cheaper at 12-1.

Of course, there’s a catch. These two teams play in Group C (the Group of Death) along with Holland and Romania. Italy’s chances of survival plummeted with a 3-0 opening loss to the Oranje. France didn’t do themselves any favors, either, drawing Romania 0-0.

Unless the Romanians (33-1) pull off a monumental upset, one or both of Italy and France will move on to the quarterfinal round. Italy should be able to gain three points on Friday versus Romania; however, beating the Dutch would leave France in the driver’s seat with one more point and (probably) a better goal differential than the Azzurri. You could do worse than buy both at these prices.

Brazil is magnificent. So is Argentina. But if you want the best soccer tournament in the world outside of the World Cup itself, you want the 2008 UEFA European Football Championship – Euro 2008 for short.

Austria and Switzerland are co-hosting this year’s event, which conveniently gets both countries automatic bids into the 16-team tournament. Germany are the favorites at 4-1, followed closely by a pack of four powerful teams; Spain get the nod as second favorites at 11-2.

Spain’s history in international soccer is not very good. La Furia have made it to the Euro tournament seven times, but have only their 1964 victory to show for it. This year’s squad made it through the qualifying stages by winning Group F, giving up just one goal in six games at home. Theirs is an absolutely beautiful brand of soccer, but with only five players outside of La Liga, how prepared are the Spaniards for Europe’s best?