The U.S. Men's basketball team is a heavy favorite to repeat as gold medal champions at the 2012 London Olympics.

According to the online gambling Web site sportsbook.ag, Team USA is a -1000 favorite to win the gold.

Spain has the second-best chance of winning it all, according to the site. Their odds have been set at +500. The U.S. narrowly beat Spain in 2008 in the championship game. The U.S. won 118-107, with Dwyane Wade leading the way with 27 points.

Five players from the 2008 club have returned to play for Team USA in 2012.

The Spain roster is made up of mostly current or former NBA players. Brothers Pau and Marc Gasol lead the way on the frontline. The Thunder's Serge Ibaka is also on the team. Jose Calderon and Rudy Fernandez have a combined 11 years of NBA experience.

Argentina was the last team to win the gold, other than the USA. They came out on top in 2004 when the U.S. took home the bronze medal.

NBA stars Manu Ginobili and Luis Scola lead the way for Argentina. Despite their past success, the national team isn't expected to be much of a threat this year. Argentina's odds are set +2500.

Brazil's odds are also set at +2500.

France has the third-best odds. They have six current NBA players, including Tony Parker and Boris Diaw of the Spurs. Nicolas Batum and Ronny Turiaf are also on the team.

The men's basketball tournament begins on Sunday, while the women start playing on Saturday.