Spain installed as early favourites
British bookmakers William Hill had Spain at odds of 4-1 to lift the trophy, with England second best at 5-1 after Fabio Capello's side were handed a favourable draw.
Spain will play Honduras, Chile and Switzerland in Group H while England are in Group C with United States, Algeria and Slovenia.
Brazil are third favourites at 11-2 after the five-times champions landed a tough group alongside Portugal, Ivory Coast and North Korea.
Spain strikers Fernando Torres and David Villa, at 9-1, are joint favourites to be top scorer.
The finals are expected to break the one billion pounds barrier in British betting turnover, according to a William Hill spokesman.
"The last World Cup came close to producing a one billion pounds turnover but we have no doubt the 2010 tournament will smash through the barrier and go well beyond," Graham Sharpe said in a news release.
"The excitement and interest surrounding the tournament is at an all-time high and it looks the most open World Cup for many years."