Bookmakers are nervous as fans bet millions on England to win the Euro 2020 final
UK bookmakers’ stocks took a roller coaster ride yesterday as they prepared for the Euro 2020 final.
Tomorrow’s England versus Italy clash is expected to be the biggest sports betting event of all time.
Ladbrokes and Coral owner Enttain and Paddy Power’s parent group Flutter Entertainment were among the early risers of the exchange when betting flooded yesterday – but Flutter fell away later in the day.
On target: England captain Harry Kane is in the running for the Golden Shoe – awarded to the tournament’s top scorer – after being a 50-1 underdog in the competition
While bookmakers are benefiting from the surge in business, a win in England or a Harry Kane goal could be costly given the volume of bets placed.
The English captain is in the running for the Golden Shoe – awarded to the tournament’s top scorer – after previously being a 50-1 underdog in the competition.
If he becomes the top scorer, betting companies could lose millions of pounds.
You could also expect bruises if England wins. Entain said this week that players in the participating countries would be placing bets worth more than £ 250 million – more than the amount wagered on the World Cup.
However, 888 warned that the online betting boom during Covids could soon be coming to an end as final lockdown restrictions wear off and people put their phones and laptops away.
Enttain’s shares rose 2.7 percent, or 49.5 pence, to 1870, while 888 rose 0.6 percent, or 2.2 pence, to 379.8 pence.
The rank rose 1.4 percent, or 2.4 pence, to 175 pence, but Flutter fell 0.2 percent, or 30 pence, to 12,905 pence.