In fact, with Spain and Uruguay surprisingly eliminated from the competition, the hosts are now clear second favourites to win a sensational gold medal.
South Korea provide the opposition in the last eight at the Millennium Stadium on Saturday and that is a huge opportunity for Team GB against a side that have been unspectacular so far.
The problem for the hosts is the fact that favourites Brazil are likely to lie in wait in the last four – but that particular issue cuts both ways.
If Team GB can beat the Selecao they will surely have the confidence to go all the way and win the tournament.
The Paddy Power price of 6/1 (7.0) is a good one given their host status and the fact that they would be favourites in two of the three games they will need to win to achieve the feat.
However, it is hard to overstate the challenge that Mano Menezes' Brazil side will pose.
The line-up is littered with stars and they have been in stunning form in the group stage – putting three goals past each of their opponents.
They should dispose of Honduras comfortably enough and, with so many games in a short space of time, will be looking to be rotate the big names with a view to going the distance.
Brazil are odds-on favourites to finally win that long-awaited Olympic gold at 8/15 (1.53) with Paddy Power.
The fact that the two favourites are scheduled to play each other in the semi-finals does provide opportunities for other teams – and the more speculative punters.
Mexico are narrow favourites to beat Senegal in their Wembley quarter-final at the weekend and if they can edge past the Africans then they will also be fancied to win their semi-final too.
That makes Mexico a tempting price at 9/1 (10.0) as they are effectively the bookmakers' tip to play Brazil in the gold-medal match.
There is little in it, however, as opponents Senegal are at 11/1 (12.0), while Japan are at 10/1 (11.0) to run out shock winners. Take your pick.
|Brazil to win gold at 8/15 with Paddy Power
||Team GB to win gold at 6/1 with Paddy Power
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Adam Bate is a professional freelance journalist who specialises in football and betting. He is editor of GhostGoal which can be found here - you can also follow Adam on Twitter