Germany and France were installed by the Westgate Las Vegas SuperBook on Friday as the 3-1 co-favorites to win the Euros 2016 title.
Germany is the most recent winner of a big tournament, defeating Lionel Messi and Argentina 1-0 in the final of the 2014 World Cup.
France has the best odds to win Group A at -350, and Germany has the second-best at -300 to win Group C.
Spain, winners of the 2008 and 2012 Euros, has the third-best odds at 11-2, while Belgium is next at 10-1.
Northern Ireland (250-1), Hungary (250-1) and Albania (500-1) have the longest odds to win.
The final will be played on July 10 at the Stade de France in Saint-Denis, France.