Portugal head into Euro 2012 still firmly in the shadow of Iberian neighbours Spain, though they boast within their ranks one of the world’s finest attacking players.

Whether or not Real Madrid star Cristiano Ronaldo can carry his domestic form into this month’s tournament will be crucial to the team’s chances of success

Ronaldo has emerged as a genuine contender to snatch Lionel Messi’s Ballon d’Or crown from his grasp, and the player has already stated publicly that he is desperate to perform in Ukraine and Poland this summer and boost his chances of scooping football’s most prestigious individual honour.

Ronaldo is 12/1 to finish as the tournament’s top scorer and an attractive 16/1 to be named the best player of Euro 2012.

But, much like Portugal’s chances of success depend largely on the form of the world-beating Madeira native, Ronaldo’s hopes of earning either accolade depend on his side’s fortunes at the tournament.

Portugal have been drawn in what has been christened by many observers as the ‘group of death’ and must finish ahead of two of three former European Championship winners to advance to the quarter-finals.

Holland, Germany and Denmark will undoubtedly provide tough opposition for Paulo Bento’s men, who are priced at 4/1 to win the group.

Awaiting the qualifiers from Group B at the quarter-final stage are Czech Republic, Greece, Poland or Russia, which suggests that qualification for the last four of the competition could be a much simpler proposition than securing a passage from the group stage.

Portugal are 11/4 to make the semi-finals and that price will narrow if they make it to the last eight, so those who fancy Os Navegadores to progress past the group stage would be well-advised not to sit on their hands and get in on the semi-final market at its present price.

In simple terms, if Portugal can get out of their group then they have a great chance of making the semis. But can they go even further?

Big guns Spain and Italy have been placed at the opposite side of the draw, which means Portugal could face another almighty hurdle on the path to a potential Euro 2012 Final appearance.

Bento’s men are 7/1 to make the final, which sounds rather generous, but the team will have to pull out all the stops to reach the tournament showpiece for the second time in eight years.

Portugual are priced at 20/1 to go one better than they did in 2004, when they were shocked by Greece in the final, and lift the trophy for the first time in the nation’s history, but a cursory glance at their potential path to glory suggests that 2012 may not be there year either.

But even if this may not be their tournament, there are several other attractive markets which factor in the performances of the Iberian underdogs.

Manchester United playmaker Nani is an incredible 40/1 to finish as the tournament’s top scorer, as is Besiktas marksman Hugo Almeida.

Many anticipate that all roads will lead to Ronaldo whenever Portugal take to the field, but both Nani and Almeida have proven prowess in front of goal, and a small amount wagered on both players in the tournament top scorer market has the potential to reap great rewards, particular if the team advances beyond the group stages.

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