World Cup 2014: Updated Betting Odds For Brazil, Spain, Argentina And Germany's Chances Of Winning The Championship

Spain World Cup — Spain is at the top of ING Group's "value league," which measures World Cup teams' value. Reuters

After nearly all the participants in the 2014 World Cup have played a game, the favorites look slightly different from the start of the tournament.

At Sportsbook.ag, Brazil still has the best odds to win it all at +275. They opened the tournament with a 3-1 victory over Croatia.

Argentina and Germany also remain in the top three. A goal from Lionel Messi helped Argentina top Bosnia -Herzegovina on Sunday, giving the team +333 odds. Germany comes right behind them at +450, following an impressive 4-0 shutout over Portugal.

The defending champs, however, are no longer considered a top candidate to win the World Cup. Spain suffered one of the most surprising World Cup losses in recent memory, falling 5-1 to the Netherlands. The victory pushed the Netherlands past Spain at fourth overall with +1000 odds. At +1400, Spain is tied for fifth with Belgium, who is set to play their first game against Algeria on Tuesday.

Spain looked nothing like the team that won its first every World Cup in 2010. Four years ago, the champs allowed two goals in the entire tournament. The Netherlands more than doubled that total on Friday.

In their next match, Spain will take on Chile, whose odds come in at +4000. Chile defeated Australia 3-1 in their first game of the tournament.

Half of the field has odds of +10000 or better. The United States rounds out the top 16 at +10000, along with Ivory Coast.

If Brazil or Argentina don’t get the job done, the winner will likely be a European country. Countries with eight of the top 12 betting odds hail from Europe.

Brazil +275

Argentina +333

Germany +450

Netherlands +1000

Spain +1400

Belgum +1400

Italy +1600

France +1600

Colombia +3500

England +3500

Portugal +4000

Chile +4000