Portugal have not impressive so far and after all they had a pretty easy group with Russia, New Zealand and Mexico. In fact when they faced a pretty strong side like Mexico it was only a draw.
Chile have about the same level with Mexico if not better. Chile have no suspended players, while Portugal will be without veteran defender Pepe. I think this match should be 50-50 and Chile have their chances to reach the final.
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* - Odds correct at time of publication, and are subject to change.