The Euro 2016 knockout stages begin Saturday after 16 of the tournament’s original 24 teams advanced from group play. Host France has taken over the role of tournament favorite, according to updated Euro 2016 odds at William Hill U.S.  The Las Vegas sports book operator opened Germany as the chalk in February.

Here’s a look at the bracket, courtesy CBS Sports.

euro-2016-bracket

Thanks at least in part to the quirky seeding system – necessitated by 16 teams advancing from six groups of four – the bottom half of the bracket is loaded with the top four teams on the betting board – France, Germany, Spain and Italy. England, the seventh betting choice after a middling opening stanza, is also in the top half of the bracket.

After a slow start to Euro 2016, Belgium benefits from the imbalance between the top and bottom of the bracket. The Belgians, in fact, have seen their odds shortened to 11/2 from an opening price of 8/1, because they avoid the five international soccer stalwarts listed in the paragraph above who’ll be knocking each other out in the bottom half.

Here are some more quick notes to help your Euro 2016 handicapping ahead of the round of 16.

— At William Hill U.S., Italy has drawn the most wagers to win the tournament, while Germany accounts for by far the largest share of the dollars wagered (see charts below). That seems to indicate sharp money is on the Germans.

— AccuScore, which simulates each game 10,000 times to calculate its projections, is on board with the sentiment for Germany. Check out the company’s forecast for the rest of the tournament right here.

— As favorable a draw as Belgium appears to have, Hungary – its next opponent – has been a pesky little squad and won’t go away easily. Just ask Portugal, who had to make up one-goal deficits three times against the Magyars to come away with a 3-3 draw in the final game of group play. Hungary is priced at juicy 6/1 odds to win the game in regulation.

— From our view, Croatia vs. Portugal is one of the most intriguing matchups of the next round. With the exception of Cristiano Ronaldo, Portugal has looked ordinary, in fact, fortunate to have advanced. Croatia has been outstanding, accumulating 7 points, including a 2-1 win over Spain despite resting some of its top players, Luka Modric among them. Still, Portugal at 2/1 odds has to intrigue some underdog bettors. No way the game would have been priced this way before the tournament started, and Ronaldo always gives the Portuguese a chance.

— Clearly, though, Spain vs. Italy is the marquee matchup of the round of 16. The Azzurri have been excellent in this tournament (throw out their last game, a 1-0 loss to Ireland – it was meaningless to them). At fat odds of 3/1, we’ll take a crack on ‘em. Forza Italia!

— According to numbers compiled by Vegas Insider, favorites are 14-11 in the tournament far, with 11 games ending in draws. The ‘under’ has been the way to go on totals, as that bet has cashed 18 times, lost 11 and pushed seven.

Euro 2016 odds

@WILLIAMHILLUS OPENING ODDS 2/8/16 CURRENT ODDS 6/23/16
FRANCE 5/2′ 17/5
GERMANY 2/1′ 7/2′
SPAIN 5/1′ 9/2′
ITALY 15/1 9/2′
BELGIUM 8/1′ 11/2′
CROATIA 25/1 17/2
ENGLAND 10/1′ 9/1′
PORTUGAL 16/1 11/1′
POLAND 50/1 20/1
WALES 60/1 26/1
SWITZERLAND 60/1 45/1
HUNGARY 250/1 80/1
IRELAND 100/1 125/1
ICELAND 75/1 125/1
SLOVAKIA 125/1 150/1
NORTHERN IRELAND 400/1 200/1

Euro 2016 betting trends

2016 COPA AMERICA @WILLIAMHILLUS % OF TOTAL # OF TICKETS
ITALY 15%
BELGIUM 14%
ENGLAND 12%
GERMANY 12%
PORTUGAL 8%
FRANCE 7%
SPAIN 7%
POLAND 5%
CROATIA 5%
IRELAND 3%
2016 COPA AMERICA @WILLIAMHILLUS % OF TOTAL $’S WAGERED
GERMANY 32%
ENGLAND 14%
BELGIUM 11%
ITALY 10%
SPAIN 8%
FRANCE 8%
PORTUGAL 5%
CROATIA 4%
POLAND 3%
ICELAND 2%