The United States hopes to reassert itself as the world’s most dominant team in women’s soccer as it competes for gold at this summer’s Olympic Games in France.

Under new management after the failures at last summer’s Women’s World Cup, recently hired head coach Emma Hayes is now in charge, hoping to return the USWNT to its former glory. The United States’ four Olympic gold medals are by far the most of any nation in history, but they haven’t won the top prize in more than a decade.

The rest of the world has clearly caught up with the US in women’s soccer. Spain, who won the Women’s World Cup a year ago, are now hoping to press for a medal with their first Olympic appearance, while hosts France are also looking to improve a poor Olympic record.

Sporting News ranks the most likely candidates and the boldest underdogs for the tournament, which kicks off in France this summer.

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Odds of winning the 2024 Olympics women’s football gold medal

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Despite their slump at last summer’s Women’s World Cup, the United States is still a heavy favorite to win the gold medal at the 2024 Summer Olympics, a clear indication that the U.S. is still considered the world’s most dominant women’s soccer nation, regardless of how the rest of the world closes the gap.

World Cup winners Spain are considered the second most likely team to have their anthem played at the medal ceremony, while hosts France are also in the top tier. Brazil reached the CONCACAF W Gold Cup final earlier this year and will be hoping they can finally break the Olympic barrier after reaching the final twice and losing both times.

Who will win the gold medal in women’s football at the 2024 Olympics?

Best bet: Spain to win gold (+200)

The United States has improved a lot under new head coach Emma Hayes, but Americans must accept the fact that the USWNT is no longer the most talented team in the world. That honor clearly falls to Spain, which is loaded with world-class talent and in good position to win another major trophy.

With Alexia Putellas, Aitana Bonmati and Jennifer Hermoso all fully healthy and ready to compete, Spain are undoubtedly the favorites going into this competition. The United States should advance further in the tournament and make up for last summer’s setbacks, but they are the favorites going into this tournament just on name recognition alone.

Fortunately, if both win their groups as expected, they won’t meet until the final. However, if one or both stumble and finish second or third, they could end up on the same side of the knockout group, which could lead to a big semi-final clash with medals at stake.

Black Horse: Nigeria (+5000 to win gold)

The talent boom on the Nigerian women’s national team has been evident in recent years, with a less publicised but similarly rapid rise against Spain. The problem is that this has not yet translated into results on the pitch, as they were eliminated by eventual runners-up England in the Round of 16 of last summer’s Women’s World Cup and were defeated 1-0 by Canada in a pre-Olympic warm-up last week.

Their goal scoring rate remains poor despite the incredibly talented Asisat Oshoala leading the charge. However, they can defend against almost anyone and if they start the attack, it will be a problem for the rest of the pitch. It is likely that there will be too many top teams for them to win gold, but a medal is more than possible for this Nigerian team.

Stay away: Australia (+900 to earn gold)

Drawn in a tough group including the USA, Germany and experienced Zambia, and without injured superstar Sam Kerr, the Matildas face real adversity this summer.

Kerr’s absence is the biggest concern after tearing her ACL in January. She was part of the squad for the Women’s World Cup on home soil last summer but has still struggled with injuries and has barely played. Australia have looked short of attacking options in her absence.

The Matildas squad includes world-class talents such as 22-year-old Arsenal midfielder Kyra Cooney-Cross, Lyon defender Ellie Carpenter and World Cup penalty shootout hero Cortnee Vine, but they simply don’t have the pieces to pull it all together and go deep, especially considering their extremely tough group.