Portugal was eliminated from the World Cup after losing 1-0 to Spain in the Round of 16. It was a hard-fought game between two well-drilled teams, but substitute Mikel Merino settled it by firing a low strike past Portugal goalkeeper Diogo Costa in the dying stages.

The Portuguese had been priced at 7.4% with Kalshi and 6.2% with Polymarket to lift the trophy. That left them behind just four teams in the futures market: France, Argentina, Spain, and England. However, they struggled to break down Spain’s formidable defense, and their campaign came to an end in Dallas on July 6.

Portugal World Cup recap

Roberto Martínez’s men began the tournament by drawing 1-1 with DR Congo in their opener, but they returned to winning ways with a comprehensive 5-0 win against Uzbekistan in their second game. Cristiano Ronaldo scored twice, and Nuno Mendes’ goal left them 3-0 up at half-time. Goalkeeper Abduvohid Nematov’s own goal made it 4-0, and substitute Rafael Leão fired in a powerful late strike. However, they could only draw 0-0 with Colombia on Matchday 3, so they finished second in their group. That saw them fall into the top half of the bracket, landing them a tricky Round of 16 showdown with Croatia.

It was an entertaining game, and Croatia took the lead through Ivan Perišić. Both teams had goals ruled out for offside, and Portuguese winger Rafael Leão also hit the crossbar with a fierce strike. Portugal finally found a breakthrough in the 69th minute after Nikola Vlašić pulled Renato Veiga down in the box. The referee awarded Portugal a penalty, which Ronaldo buried. Martínez upset Ronaldo by substituting him in the 82nd minute, but it proved to be the right decision, as Portugal earned a famous win courtesy of Gonçalo Ramos’ late header. Portugal then lost to Spain in the Round of 16.

That will be Ronaldo’s final World Cup appearance. He’s now 41 years old, and it’s time for Portugal to rebuild. He said he will go “with a clear conscience” after failing to lead his team to World Cup glory. “I gave my all,” said Ronaldo in a post-match press conference. “I won three titles with Portugal. Before Cristiano, Portugal had never won a big trophy. So I repeat: I leave here with a clear conscience. Tomorrow will be another day and life goes on.”

For live pricing on the remaining World Cup contenders, see our 2026 World Cup odds tracker.

Key players for Portugal

Portugal has one of the most technically gifted squads in world soccer. These are the key players that starred for the team at the FIFA World Cup:

• Cristiano Ronaldo: Portugal’s captain made his debut for the national team in 2003. Some of his current teammates weren’t even born then. He’s scored a record 146 goals in 233 games for Portugal since then, and he inspired them to glory at Euro 2016. However, the World Cup has always eluded him.
• Bruno Fernandes: The most creative player in the Premier League provided Portugal’s creative spark at this tournament. Fernandes has been remarkably consistent for Man United in recent years, and he remains one of Portugal’s most potent weapons.
• Vitinha: Vitinha and João Neves delivered a series of outstanding performances to lead PSG to victory in the Champions League last year. They lines up alongside one another in Portugal’s midfield at this tournament, and they controlled games with their pinpoint passing, defensive prowess, and technical brilliance. Both men are world-class talents, but Vitinha is more polished in possession, and he also has an eye for goal.
• Bernardo Silva: Another experienced Premier League stalwart, who has won all manner of major trophies with Man City over the past nine years. He impressed with his quick feet and precise passing, but he missed a great chance to equalize against Spain in the last minute of their Round of 16 showdown,
• Ruben Dias: Dias is Portugal’s defensive lynchpin, and he played well throughout the tournament, so he will still be a key cog as the team rebuilds.

Related prediction markets for the World Cup

Tournament winner contracts settle at $0 after Portugal was eliminated. You’ll also find related World Cup prediction markets on the other teams at this tournament:

• Reach a specific round: You can bet on a team to make the semifinals or the final.
• Golden Boot: Ronaldo couldn’t win the Golden Boot, but elite forwards like Lionel Messi, Kylian Mbappé, Erling Haaland, and Harry Kane are still fighting for the award.

More FIFA World Cup odds

Where to bet on at the World Cup

Kalshi and Polymarket are offering the widest array of markets on the World Cup and other major soccer tournaments. You can back a team to win the tournament, or reach a specific round. Both sites offer dozens of markets on every Portugal game too. You can bet on the Portuguese to advance to the next round, or consider regulation time markets like the moneyline, spread, and totals. There are also loads of game props, team props, and player props.

Sites like DraftKings, FanDuel, and Underdog have also introduced various World Cup prediction markets this summer. Prediction markets are available nationwide, and they should be popular in states that haven’t legalized online sports betting. They include California and Texas, which will host several World Cup games this summer. Contracts on each game featuring Portugal will also be available, from the match winner and the total goals to player props.

If you’re new to prediction markets, we recommend checking out the latest prediction market promos before placing your first trade.