The United States has won the last two Women’s World Cups and is the betting favorite to win an unprecedented third in a row this year. But the gap between the U.S. women and the competition has narrowed, and the odds reflect a more competitive field than in the most recent World Cups.

Caesars Sportsbook has the U.S. at +225 to win the Cup, followed by England (+450), Spain (+500) and Germany (+750). France is +1,000, with Australia next at +1,200. Sweden is +2,000 and the Netherlands are +2,200. The U.S. was an even-money favorite to win the 2019 World Cup.

The U.S., which has won four World Cups overall, is unsurprisingly attracting overwhelming support from bettors at American sportsbooks. FanDuel reported Tuesday that the U.S. had attracted 82% of the money wagered on its odds to win the Cup. England is second with only 5% of the overall money wagered.

U.S. striker Alex Morgan is the favorite to win the Golden Boot award, given to the player with the most goals in the tournament. Morgan is +550, followed by teammate Sophia Smith at +800.

The World Cup kicks off Thursday in New Zealand and Australia. The field is expanded to 32 teams this year.

The U.S. opens play in Group E versus Vietnam on Friday. The U.S. has never lost a group-stage opener in the World Cup. Vietnam is making its first appearance in the World Cup. The U.S. is a giant -40,000 favorite over Vietnam in its tournament opener, meaning a bettor would need to risk $40,000 to win a $100 on the Americans.

No team, women’s or men’s, has ever won three straight World Cups.

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