NORWAY, a nation of just five million people, defeated the footballing representatives of 90 million Mexicans in a friendly in Oslo during the week.

This is the latest in a series of surprise results during which the Scandinavians have defeat Italy, England, Holland, and Brazil under the guidance of Egil Olsen.

The Norwegians are on an unbeaten run extending to January, 1997.

No longer does Norway subscribe to being, ''pleased with merely qualifying.'' In the USA World Cup in 1994, they could manage only a single goal, but a solid defence has now been allied to prolific strikers who have scored 12 goals in the last four games.

Norway, at 33-1 with Hills and Corals, must be considered an excellent value outsider in the World Cup betting. Up until last weekend 50-1 was available from Stanley Racing.

Weight of cash has forced a cut in the odds - a nightmare for Stanley managers across the country as their recently published World Cup coupons had to be manually amended with the new price.

Argentina, at 12-1, look the best value of the ''big'' teams. Apart from a hic-cup against Israel in April, the 1978 and '86 world champions have won seven friendlies this year, including a humbling of favourites Brazil in the Maracana.

An in-form Argentina at four times the price must constitute better value than reigning champions Brazil at a miserable 3-1.

Scotland is a best-priced 3-1 to beat Colombia in a friendly in New York tonight.

The Scot's record in friendlies is poor so the best that can realistically be expected is a draw.

Coral's 6-1 against 0-0 is an acceptable price and 4-1 (all firms) draw both halves could be considered.

Angus Loughran, of Fantasy Football Statto fame, is one of Britain's most astute punters. He predicts that Saudi Arabia will upset the odds by qualifying from World Cup preliminary Group C.

So what are the Saudis doing at 14-1 to beat England in a friendly this afternoon?

Sporting Index, the industry leader in spread betting, recently took their two millionth bet since starting trading in 1992.

The milestone bet was placed by an unpatriotic Scottish client who sold the total number of goals Scotland will score in the World Cup at 2.7.