The bookmakers are willing to tantalise those punters prepared to invest in the fourth Rugby World Cup. The 1991 champions Australia are outstanding value at 3/1 with Baggot Racing given their performance in the Tri-Nations Championship. The returning John Eales and out-half Stephen Larkham bolster a very strong squad.

If the Australians win the group then they will probably face Wales at the Millennium Stadium in Cardiff, a potentially tricky encounter. Given that the Southern Hemisphere side should not be unduly taxed in reaching that stage, they would be favoured to advance. A semi-final against England, New Zealand or South Africa awaits but despite the difficult nature of the draw, they are hard to oppose.

New Zealand's quality is obvious but with a best price of Evens it will take a serious wager to make money. They are favoured by an easier draw if their can top Pool B where they will have to edge out England. The runners-up route is more arduous with a couple of pitfalls in the shape of fellow Southern Hemisphere sides.

Defending champions South Africa have been hampered by several high profile withdrawals through injury and reports suggest that Bobby Skinstad is still struggling with a knee injury. Another country replete with quality players, but have problems at outside centre, number eight (depending on where Skinstad plays) and the right wing. The best value could be France, generously priced at 28/1 by Cashmans. Despite their problems of late, Pool C should still be a doddle with Fiji, Canada and Namibia unlikely to pose too many problems. That would give them a quarter-final against, possibly, Ireland at Lansdowne Road and they have a superb record against the Irish.

Despite their fortuitous victory over us (10-9) in the Five Nations, they still possess an abundance of quality. Thomas Castaignede has decided he will only play out-half and France need him to be at his inspirational best.

If France were to beat Ireland then they would probably face the All Blacks in a semi-final at Twickenham and in a one-off match with odds of 28/1 that represents superb value.

And what of Ireland? They couldn't have been better favoured with the draw. Assuming they finish second and win in Lens, France at Lansdowne Road would be appealing. Then to Twickenham and a possible date with the All Blacks. It might be more prudent to look at a couple of the French pool matches before investing that hard-earned cash.