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They might have just won Euro 2012 but that has not been enough for Spain to overtake host nation Brazil as favourites for the next World Cup.

They might have just become the first nation to win three successive major football tournaments but that has not been enough for Spain to overtake host nation Brazil as favourites to win the 2014 World Cup.

Spain have just become the first team to win back-to-back European Championships after thrashing Italy 4-0 in the Euro 2012 Final to go with their Euro 2008 triumph and their first World Cup finals success in 2010 in South Africa.

Now Spain's next challenge is to become the first European nation to win a World Cup on South American soil.

The 2014 World Cup in Brazil will be the first in South America since the 1978 World Cup in Argentina, which the host nation won.

And the other three World Cups held in South America were won by Brazil (1962, Chile), Uruguay (1950, Brazil) and Uruguay at home in the first World Cup finals in 1930.

And despite Spain's unprecedented dominance in the past four years, the bookies are once again expecting the South Americans to be too tough to beat on their own turf.

Luxbet have Brazil as $4.25 favourites to win a record sixth World Cup when they host the world's biggest sporting event in 2014, with Spain second favourites at $5.50.

Then it's Argentina at $6 followed by Germany at $8, the Netherlands at $15 and England and Italy at $17.

The highest ranked nation in betting outside of Europe and South America are Mexico at $67 while the top ranked Asian nations in World Cup betting are Japan and Australia both at $151 with the top-ranked African nations being Cameroon, Ghana and Ivory Coast all at $101.

New Zealand, meanwhile, are at $501, the same price as Scotland, while the lowest ranked nations among those listed in the market are North Korea and Trinidad and Tobago both at $2501.

However, even at this early stage, there is some potential value in World Cup betting even though it is hard to imagine Brazil or Spain not winning the tournament this far out.

Argentina, Uruguay and Chile, which are already well on their way to securing three of the automatic four qualifying spots in South America Brazil qualifies automatically as host nation are all great value at $6, $23 and $41 respectively, particularly Uruguay considering they are the world's second ranked team behind Spain.

Uruguay also reached the semi-finals of the last World Cup in South Africa and are the reigning Copa America champions.

Qualifying for the 2014 World Cup is well underway in every confederation except Europe, which begins in September.

Europe will have the most representatives with 13, followed by Africa with five and South America's five which includes hosts Brazil, while Asia will have four and the North American and Caribbean region will have three.

In addition there will be two more spots up for grabs with the Oceania winner, most likely New Zealand, squaring off against the fourth-placed team from North America and the Carribbean while the fifth-placed team in Asia will meet the fifth-placed team from South America for the final place.

Bet of the day: Depending on who you fancy back either Brazil, Spain or Argentina now at Luxbet to win the 2014 World Cup before their odds shorten even further.

Value bet of the day: Back Uruguay at $23 to win the 2014 World Cup at Luxbet.