Bookmakers have ignored the All Blacks' poor World Cup record and their indifferent form last year to install them as favourites for next year's tournament.
The TAB opened its book on who the winner would be today, with the host nation priced at $2.20 to win their second Web Ellis Trophy.
The All Blacks are followed by Australia at $4 with defending champions South Africa a surprising third at $4.75.
The top-rated side from the north are the 6-Nations champions, France, with England and Ireland next.
Despite France upsetting the All Blacks at home last year, TAB's head rugby bookie Mark Stafford does not think a northern hemisphere side will challenge Graham Henry's men.
""With the All Blacks unbeaten in Europe for many seasons, it's hard to see how they will be troubled by a northern hemisphere side next year," he said.
"There's no doubt in our mind, that the major threat will come from the other two Tri-Nations sides".
Fiji is the best placed Pacific Island side at $250, ahead of both Samoa and Tonga at $500.
Rugby World Cup odds
New Zealand $2.20
South Africa $4.75
- NZ HERALD STAFF