France’s emergence as the clear frontrunner after an emphatic opening win, combined with Spain, Argentina, and England maintaining strong momentum in their early matches, underpins the 75.5% implied probability for an unbeaten champion. The expanded 48-team field has produced limited early upsets, with several top sides showcasing depth in attack and defensive organization that historically correlates with undefeated tournament runs. Recent form from pre-tournament competitions, favorable group-stage positioning, and the absence of major injury disruptions among leading contenders further support trader consensus that the eventual winner is likely to navigate the knockout stages without defeat.