Australia's top Olympic Gold Medal chances

So with that in mind here's a quick list of Australia's top Olympic Gold medal chances, with reasons why:

1. James Magnussen will be competing in the Men's 50m and 100m Freestyle swimming event. He's the short priced favourite for a 100m Gold, and second favourite (6.50 range) in the 50m event.

2. The Kookaburras (Men's field hockey) are the favourites to win their Pool (A) which consists of Great Britain, Spain, Pakistan, Argentina and South Africa. They are also favoured to win the Gold medal, with both betting options available.

Fact: The Kookaburras enter the Olympics as the top seed and first-ever to win the Field Hockey World Cup, Commonwealth Games and four Champions Trophies. Surely they should at least win their Pool?

3. Mitchell Watt will be competing in the Men's Long Jump, and is listed as the best chance to win Gold (4.00 range).

Fact: Mitchell Watt currently owns four of the five longest jumps in 2012.

4. The Men's 4x100 metre Freestyle swimming relay team are the favourites (1.65 range) to win a Gold.

Fact: James Magnussen and James Roberts are the two fastest 100m swimmers on the planet.

5. Sally Pearson is the short priced favourite (1.50 range) to hoist a Gold medal in the Women's 100 metre Hurdle.

Fact: She produced the fourth fastest time in women's Hurdle history (12.28sec) in capturing the world title last year. Her rivals would have to shave quite a bit off their personal bests to come close to that mark.

6. Tom Slingsby is the short priced favourite (1.75 range) to win the Men's Laser Sailing Gold.

Fact: Slingsby is a five-time World Champion.

7. While not Australian, Usain Bolt is sure to gain support given his frequent comparisons to the world's highest rated sprinter in another sport- Black Caviar. Usain Bolt is the favourite to win the Men's 100m (1.70 range) and 200m (1.55 range), where he's likely to be pushed by countryman Yohan Blake who is favoured for Silver in both events.

Fact: Usain Bolt holds the World and Olympic records in the 100 and 200 metres.