The 2024 Copa América, a global extravaganza showcasing the finest teams from South and North America, is currently in full swing. The matches, spanning across the United States, have not only captivated local fans but also united fans from all corners of the globe in their shared love for the beautiful game.

Argentina, led by the iconic Lionel Messi, are the reigning 2022 World Cup champions and the defending Copa America champions. They stand as the undisputed favorites, igniting a wave of anticipation and excitement as they set the stage for a potentially thrilling tournament.

Hot on the heels of Argentina is Brazil, maintaining its strong position despite a 0-0 draw against Costa Rica in its opening tournament game. The young Brazil team hopes to live up to expectations, which promises an exciting battle for the top spot.

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Here's every team competing in the 2024 Copa América ranked by their championship odds. All odds via BetMGM.

More: 2024 Copa America bracket after first round of group stage games

2024 Copa America Power Rankings

16.) Panama, +50000

Panama, the tournament's underdogs, didn't have the start they expected and fell 3-1 to Uruguay. Now, they face an even tougher challenge in Group C as they prepare to take on the United States in their second game of the tournament. The USA, with an overall record of 17 wins, 2 draws, and 7 losses against Panama, will be a formidable opponent.

15.) Bolivia, +25000

Bolivia suffered a 2-0 loss to the United States in their first tournament match, placing them at the bottom of Group C. The upcoming match against Uruguay poses another significant challenge for Bolivia in the tournament.

14.) Jamaica, +20000

The Reggae Boyz put up a tough fight against Mexico, netting a goal in the first half that was called back after a VAR review. Jamaica was then unable to answer back after Gerardo Arteaga scored to give Mexico the win. Looking ahead, Jamaica's next game against Ecuador is a must-win, a pivotal moment that could potentially turn around their tournament campaign.

13.) Costa Rica, +15000

After a draw with Brazil, Costa Rica is in the third position on the table. They have shown that despite being underdogs in the tournament, they will pose a threat to any team that underestimates them. Costa Rica has another tough matchup against Colombia for their second tournament game.

12.) Paraguay, +15000

Paraguay has dropped three spots in the power rankings after their 2-1 loss to Colombia in the first game. This marks Colombia's third consecutive victory over Paraguay in the Copa America tournament. In the next match, Paraguay will face a tough opponent in Brazil.

11.) Canada, +8000

After losing 2-0 to powerhouse Argentina in their first tournament game, Canada remains in the same spot in the updated power rankings. The team is currently at the bottom of Group A and now needs to refocus on their upcoming match against Peru.

10.) Peru, +6600

After losing a penalty shootout against Australia in the final match for the 2022 World Cup spot, Peru still has not won an international game. In their first game of the tournament, Peru drew 0-0 against Chile and now finds itself in the second spot of Group A, right behind Argentina. Peru will now prepare to face Canada, who is currently at the bottom of the standings, in a Tuesday night matchup.

9.) Venezuela, +5000

Venezuela climbed a few positions after an exciting 2-1 victory over Ecuador and is now at the top of Group B. In their second match of the tournament, Venezuela will face a tough challenge against Mexico, which currently holds the second spot in Group B.

8.) Chile, +3300

This Chile team, a far cry from the 2015 squad that clinched Copa America, is currently grappling with a significant challenge-scoring goals. Their struggle is evident, with a meager 0.5 goals per match in their first six World Cup qualifying matches. This issue was starkly highlighted in the tournament's opening match against Peru, which ended in a goalless draw. The anticipation and excitement are building as Chile prepares to face the tournament favorites, Argentina, in their second game.

7.) Ecuador, +3300

Ecuador entered the tournament with high hopes of surprising the doubters but failed to meet expectations after losing 2-1 to Venezuela in their first match. Currently, they are at the third spot in Group B and are eager for a win as they prepare to face Jamaica, who is at the bottom of the table.

6.) United States, +1200

The United States began their tournament on a high note by beating Bolivia 2-0 in Texas. They are now turning their attention to Panama for their second match in Group C, with a favorable overall record of 17 wins, two draws, and seven losses.

5.) Mexico, +1200

Mexico, with a roster full of new faces, is now confronted with a significant setback. Their star player, Edison Alvarez, has been sidelined due to a tournament injury, a blow that was felt in their 1-0 win against Jamaica in the tournament opener. This unexpected turn of events necessitates a change in their plans, with other players now having to step up in their place for the upcoming midweek game against Venezuela.

4.) Colombia, +800

Fresh off their thrilling 2-1 victory over Paraguay, Colombia is ready to take on Costa Rica in what promises to be an exciting match in Glendale, Arizona. This will be Colombia's second match of the Group stage in the Copa America, and it is a crucial game that will play a significant role in shaping their tournament campaign.

3.) Uruguay, +450

Uruguay, a team that has been in the spotlight, started their Copa America journey with a bang, securing a 3-1 victory over Panama. This win has propelled them to the top of Group C. Uruguay is now focused on their upcoming match against Bolivia in the tournament, aiming to continue their winning streak.

2) Brazil, +240

Brazil's young roster faced a tough test in their 0-0 draw against Costa Rica. Although Vinicius Junior scored, the goal was disallowed after VAR ruled it offside. This highlighted a less dominant Brazil team that struggled to create scoring opportunities. Despite the draw, Brazil still holds second place in the current odds of winning the title.

1) Argentina, +175

The current Copa America champions, Argentina, easily won 2-0 against Canada in their first tournament game. They are currently at the top of Group A and will now face Chile in their second match. Argentina is favored to win the Copa America tournament for the second time in a row.

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This article originally appeared on USA TODAY: 2024 Copa America power rankings based on odds