The reigning world and European champions have regained their favourites tag with the bookmakers after reaching their third consecutive final with win over Portugal
Portugal did worry the reigning champions at times in the match, but while they posed some problems for La Roja, they failed to carve out many clear cut chances. What they did create, however, was wasted by Hugo Almeida and a wayward Cristiano Ronaldo.
Nonetheless, Spain had the better opportunities as the game wore on, especially in extra time, but eventually they triumphed on penalties and are now 4/5 (1.80) with Paddy Power.
Vicente Del Bosque's side have the chance to become the first side to win three consecutive major tournaments after their victories in 2008 and 2010.
Standing between them and that historic achievement is the winner of tonight's semi-final between Germany and Italy.
Joachim Low's men are 10/11 (1.91) favourites with Paddy Power to join Spain in the final during 90 minutes while the Azzurri are outsiders at 7/2 (4.50).
The German squad have played some very impressive football throughout the tournament so far and justify thier price ahead of this match. It still offers some significant value, though, considering how good they have been up until this point.
They qualified from the so-called 'Group of Death' with a perfect record of three wins against Denmark, Netherlands and Portugal and brushed aside Greece 4-2 in their quarter-final while rotating several players in the process.
Contrary to their opposition, Italy have several injury concerns to key players ahead of this game plus a suspension for Christian Maggio has ruled him out of the game. Cesare Prandelli's side have also had two days less rest than their opposition after Germany qualified almost a week ago.
Paddy Power have offered another one of their money back specials. If Mario Gomez scores the last goal, Paddy Power will refund all losing First Goalscorer, Last Goalscorer, Correct Score & Scorecast singles on the match.
The Bayern Munich striker has scored three goals already in the tournament and is the favourite for the Golden Boot after Cristiano Ronaldo was knocked out of the competition with Portugal.
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Jim Knight is Betting Editor at Goal.com and has been tipping football games since he was old enough to place a bet. He is a Leicester City fan, writer and member of the We Are Going Up Podcast
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