The books, and especially the euro books will look to take teams on early. I know a lot of people who are playing Spain in that game and the books are happy to lay them at that price because they know A) Spain might not be really good until later in the tourney and B) A defensive Italy side are capable of drawing with anyone, including Spain.
Spain are def a decent price but they are not the 'lock' a lot of people might think considering it will be their first game.