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South Africa +700
It's fairly clear that the South Africans are going to have a home field advantage at this level, but we aren't so certain that they are going to make it through to the second round of the World Cup as every other past host of this event has. Uruguay is the team that really stands out here, as it is clear that neither Mexico nor France is the team that they once were. Look out for F Diego Forlan, as he is probably the best pure goal scorer in this group.
South Korea +1000
Argentina is going to be the clear cut choice to take down Group B, but if F Theofanis Gekas can put on a show like he did in qualifying when he led all European players with ten goals, the Greeks could be a real dark horse to watch. Greece is a team that has a ton of defensive prowess, as was demonstrated when it won Euro 2004, and we are going to back the blue and white once again to pull off the major upset in Group B in South Africa.
United States +450
Though Algeria could put up a fight thanks to the fact that it has a bit of a home field advantage and Slovenia was one of the most impressive defensive teams in qualifying, this group will come down to the opening match between the USA and England. We'd love to find the Stars and Stripes capable of pulling the upset, but in all reality, England is the clear cut choice, even at -300.
This group is a heck of a lot more open than perhaps it originally looked. Germany did have a great World Cup in 2006, but that came on its home soil. Now, M Michael Ballack is out of action as well, which takes both a great goal scorer and a team captain off of the pitch. We're not much for Ghana's chances, as injuries are really going to hold this club down. The Socceroos pulled off the upset and made the second round in 2006, but realistically speaking, a second place finish in Group D is about all that the Aussies can expect. By default, this leaves Serbia, who we are getting a fantastic price on at +275 in what should be a fun group to watch.
This is Holland's group to lose. We fully expect to see Denmark, Cameroon, and Japan beat each other up in Group E, which should open the door for the Dutch to simply come in and sweep up the crumbs. Even with F Arjen Robben potentially missing some or all of the group stage matches, La Oranje are just too strong to be toppled in a relatively weak group. Seven points should be the bare minimum that this team walks away from Group E with.
New Zealand +6000
Barring something very unforeseen happening, Italy is going to walk away with this group. Paraguay has a history of being a thorn in the side of some of the biggest clubs in the world, but the bottom line here is that Italy's defense may not be cracked. Remember that the defending champs of this event only gave up two goals during the entire tournament in 2006, and a good chunk of that defense is back for another go around in 2010.
Ivory Coast +400
North Korea +8000
The "Group of Death" probably became a lot more cut and dry when Ivory Coast suffered a catastrophic injury to F Didier Drogba. If the Portugal/Ivory Coast match ends in a draw, don't be shocked to see Brazil and Portugal have a "wink, wink" type of match on the final day of the group stage in South Africa, as a point would almost certainly get both teams through if everything else holds serve. This is Brazil's group to lose for certain, and -175 is a relatively cheap price.
There really isn't much hope here for anyone else aside from the Spanish. They just continue to rip team after team, whether it be in qualifying or in friendly matches leading up to the World Cup. There's no reason to believe that a relatively weak group that includes a Honduras team that has no business being amongst the 32 teams in this field has a chance of stopping Spain. The Spaniards have won seven straight group matches in the World Cup. Don't be shocked if that number raises to ten.