My sportsbook's list of favorites:
1. Spain 5:2
2. Germany 3:1
3. Netherlands 7:1
4. England 9:1
5. France 12:1
6. Portugal 16:1
Biggest "yeah, right ": Russia, at 22:1, is the favorite in an essentially Eastern Europe Group A. I presume they put them all together in Group A with no top sides so as to keep the Eastern European money (especially Russian money), coming into the Ukraine for as long as possible during June.
Even though David Villa is still not healthy enough to play, I favor the Spaniards, because of their depth of talent. But Netherlands is my darkhorse (if you can call them that).