Who will win gold in Olympic women's soccer? Odds, favorites, best bets to win 2024 tournament in Paris

The United States hope to reestablish themselves as the world's most dominant side in women's football as they look to challenge for the gold medal at this summer's Olympic Games in France.

Under new management after the failures of last summer's Women's World Cup, recently hired head coach Emma Hayes is now in charge hoping to return the USWNT to their former glory. The four Olympic gold medals won by the United States is by far the most of any nation in history, but they have not won the top prize in over a decade.

The rest of the world has quite clearly caught up to the U.S. in the women's football realm. Spain, fresh off their Women's World Cup triumph a year ago are now hoping to press for a medal in their first-ever Olympic appearance, while hosts France are also looking to put a spotty Olympic record to bed.

The Sporting News takes you through the most likely contenders as well as the pluckiest underdogs as the competition opens throughout France this summer.

MORE: Who will win the gold medal at the 2024 Olympic men's tournament?

Odds to win 2024 Olympic women's soccer gold medal

MORE: A look at the USWNT roster for the 2024 Summer Olympics in Paris

Despite their slip at last summer's Women's World Cup, the United States are still heavy favorites to win the gold medal at the 2024 Summer Olympics. It's a clear indication that the U.S. is still thought of as the world's most dominant women's football nation, regardless of how the rest of the world has closed the gap.

World Cup winners Spain are considered the next most likely side to have their anthem played at the medal ceremony, while hosts France are also amongst the top tier. Brazil reached the final of the CONCACAF W Gold Cup earlier this year, and will be hoping they can finally get over the Olympic hump having made the final twice but lost both.

Who will win 2024 Olympic women's soccer gold medal?

Best bet: Spain to win the gold medal (+200)

The United States is much-improved 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 quite clearly falls to Spain, who are utterly loaded with world-class talent and well positioned to win another major honor.

With Alexia Putellas, Aitana Bonmati, and Jennifer Hermoso all fully healthy and ready to compete, Spain are undoubtedly the favorites at this competition. The United States should progress deeper into the tournament and redeem last summer's failures, but they are favorites in this tournament on name recognition alone.

Thankfully, they cannot meet until the final should both win their groups as expected. However, if either or both falter and finish second or third, they could end up on the same side of the knockout bracket which would potentially set up a massive semifinal showdown with a medal at stake.

Dark horse: Nigeria (+5000 to win gold)

The spike in talent on the Nigeria women's national team has been evident in recent years, enjoying a less heralded but similarly rapid rise to Spain. The problem is, it has yet to translate to results on the pitch, as they were eliminated in the Round of 16 at last summer's Women's World Cup by eventual finalists England and fell 1-0 to Canada in a pre-Olympic warmup last week.

The goal scoring remains thin, even with incredibly talented Asisat Oshoala at the helm of the attack. However, they can defend against just about anyone, and if they get the attack going, it'll be a problem for the rest of the field. There's likely too many upper-tier sides for them to win gold, but a medal is more than feasible for this Nigeria side.

Stay away from: Australia (+900 to win gold)

Stuck in a brutal group with the United States, Germany, and an experienced Zambia side, and without injured superstar Sam Kerr, the Matildas are in real trouble this summer.

The absence of Kerr is the biggest concern, after she tore her ACL in January. She was part of the squad for last summer's Women's World Cup on home soil, but she was still beset by injuries and barely played. In her absence, Australia looked bereft of attacking options.

There is some budding world-class talent on this Matildas side, including 22-year-old Arsenal midfielder Kyra Cooney-Cross, Lyon defender Ellie Carpenter, and World Cup penalty shootout hero Cortnee Vine, but they don't have enough pieces to put it all together and make a deep run, especially considering their extremely difficult group.