Bet on the draw
In the preliminary rounds, you can bet on either of the teams or on a draw (a tie) after 90 minutes. For example, in the U.S. vs. Ghana, the current odds are: USA +190, Ghana +145 and Draw + 190. This means if you wager $100 on the USA and they win, you receive $190. If you wager $100 on Ghana, and they win, you receive $145. If you bet on draw, if they tie you win $190.
Now betting on draw clearly isn't very fun unless you are a total degenerate, in which case it's awesome. There are many bars that advertise, "Come to XYZ Churrascaria for half price Caipirinhas and root on Brazil." There are no bars that advertise, "Come to the Raj Mahal Pub and root on the DRAW!!!" So, that's why you should bet it.
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There are 48 games in the first round, or group stage. In 2010, there were 13 draws. I particularly like betting draw when the teams are pretty even. Remember: Soccer features low scoring and ties. Also, watch for teams that only need a draw to advance in their third game.
I remember the first time I bet on soccer. I was in the Greek Islands in 2004. The Euro Cup was going on and the semi-final game was Greece vs. Czech Republic. Not only did my friends are I bet on draw, there was a prop bet of "Who would score more goals in this game?" It was between some random Greek guy and some Czech guy. Of course, I bet on draw between the random guys and the game ended 0-0. My friends and I partied that night like Odysseus and his boys after winning the Battle of Troy. It felt especially good because we felt we ran a Trojan Horse on the unsuspecting bookmaker.
Now, let's profile which teams to bet on in this tournament. Here are facts to know: In the last 19 World Cups, on only three occasions, has the winner come from a different continent than the host. That includes 2010 in South Africa where the African teams had very little chance. Also in the seven World Cups held in the Americas, a South American team has won every time. So I am not saying Spain or Germany can't win but you aren't getting good odds there. Let's examine the teams to wager on.