Obvious bets tend to offer little reward. Investors may be tired of Spain's budget deficit woes, but its football team is already a well-backed favourite to win the World Cup in South Africa, which kicks off on Friday. Picking England to lose in the semi-final on penalties, at around 12-to-one odds, is perhaps a better balance of risk and reward. Looking for stock market kickers requires similar creativity.

Beverages naturally head the line-up for industries to benefit: beer and football are familiar partners. Macquarie expects the average fan in South Africa to consume 51 litres of the stuff. Quenching thirsts will be the host nation's SABMiller, which controls about 90 per cent of its domestic market. Although the brewer's expected 4-6 per cent increase in domestic volume may not lift earnings materially, the tournament is a favourite marketing opportunity in other football-crazy emerging markets.

FIFA World Cup partner Coca-Cola has its own previous performance to beat. During the 2006 tournament in Germany it recorded 15 per cent volume growth in the country, compared with none the previous quarter, notes UBS. Rexam, the can producer, should see good demand for high-margin promotional packaging. There are obvious football-related stocks such as sportswear maker Nike and Electronic Arts, which makes the official World Cup computer game. But such occasions are only theirs to lose.