UEFA Euro 2020 Odds: Odds to Win Euro 2020

Euro 2020 at Bovada

UEFA Euro 2020 Odds: Odds to Win Euro 2020

The folks at UEFA don’t like to wait around. Even though only 20 of the 24 national teams have been decided for this summer’s European Championship, the draw has already been held, and the six groups in the Group Stage have already been formed – with four open spots to be filled in March. Sixteen teams will battle in a playoff for those spots, creating an interesting dynamic on the Euro 2020 lines at Bovada Sportsbook. You’ll find odds for all 36 teams still in the hunt. Imagine cashing in at +250000 on Belarus or Georgia. It could happen.

The European Championship does have a history of producing some unexpected winners. The Soviet Union won the first tournament in 1960; Czechoslovakia (1976), Denmark (1992) and Greece (2004) were unlikely champions, too. Even the reigning winners from Portugal cashed in as +1600 outsiders on the Euro betting lines for 2016. There’s always hope for the minnows of European soccer – it’s just the nature of the sport.


Euro 2020 Odds Breakdown

Be that as it may, there are some very big fish in this pond. Here are the five teams (including ties) with the shortest odds to win the Euro 2020 tournament as we go to press, with a surprise contender sitting at the top:


1. England: +450 Euro Odds

The Three Lions were second on this list at +450 when the bulk of qualifying wrapped up in November. Their odds haven’t moved since then, but England’s Euro hopes do look better now that they’ve been placed in Group D, alongside Croatia (+2500), the Czech Republic (+15000), and one of the four unnamed play-in teams. Whether Gareth Southgate’s men can win the nation’s first major title since the 1966 World Cup remains to be seen. They’re only No. 4 on the FIFA rankings and No. 12 on the World Football Elo Ratings heading into their next friendlies in March.


2. Belgium: +500 Euro Odds

Finally, some recognition for the Red Devils. They’re the top team in the world according to both FIFA and Elo, and they’ve improved from +650 to +500 after landing in Group B with Denmark (+8000), Russia (+10000) and Finland (+25000). Belgium hope to capitalize on their momentum after finishing third at the 2018 World Cup. Roberto Martinez has an embarrassment of riches to draw from, including captain Eden Hazard (Real Madrid) and vice-captain Kevin De Bruyne (Manchester City).


3. France: +600 Euro Odds

What has happened to Les Bleus? The reigning World Cup champions were +400 Euro favorites in November; they’re still No. 2 on the FIFA rankings and No. 3 according to Elo, and Didier Deschamps still has more talented players (Paul Pogba, Antoine Griezmann, Kylian Mbappé) on his side than you can shake a stick at. Unfortunately for French supporters, their team was placed in Group F, this year’s Group of Death, with Portugal (+1600) and a playoff winner joining the fifth team on our list.


4. Netherlands: +700 Euro Odds

Holding steady at No. 4 are the Oranje, who have returned to the top echelon of European soccer after failing to qualify for both Euro 2016 and the 2018 World Cup. The Flying Dutchmen still have some work to do, slipping from No. 12 to No. 14 on the FIFA rankings after settling for a scoreless draw against Northern Ireland in Euro qualifying, but their No. 5 Elo rating is probably closer to their actual talent level – and Ronald Koeman’s squad has a very favorable draw into Group C with Ukraine (+6600), Austria (+10000) and a playoff winner.


5. Germany: +850 Euro Odds

Thanks to their placement in Group F, Die Mannschaft have seen their Euro odds slip from +800 to +850, but manager Joachim Low will be more concerned with getting his re-tooled squad on the same page. Germany (No. 15 FIFA, No. 11 Elo) have a lot of ground to cover after crashing out of the Group Stage at the 2018 World Cup.


6. Spain: +850 Euro Odds

It’s much the same story for La Roja. After winning Euro 2008, the 2010 World Cup and Euro 2012, Spain (No. 8 FIFA, No. 4 Elo) are rebuilding under Luis Enrique, who returned to his post last November after quitting over the summer. At least they’ll have a relatively easy ride in Group E, where they’ll face Poland (+10000), Sweden (+12500) and the last of the four play-in teams.


*Odds as of December 7, 2020

Euro 2020 at Bovada

How to Bet on Euro 2020 Soccer

Knowing all the teams in and out makes understanding the Beautiful Game a lot easier, but you’d be surprised how many would-be experts don’t know the ABCs of betting on soccer. Don’t be one of these people; here’s an introduction to the different ways you can bet on Euro 2020 at Bovada Sportsbook.


Sports fans in the US will be familiar with the point spread, which is used to bet on NFL and NBA games. This is when there’s a margin of victory that the favored team must win by in order for bets to pay out. Alternatively, the underdogs can lose but if they but stay within the margin outlined by the spread, their bets will pay out.

The spread is available in soccer, although it looks more like the run lines from MLB, or the NHL puck line. Here’s an example featuring the teams who met in the Euro 2016 Final:

France –0.5 (–140)

Portugal +0.5 (+105)

France were playing at home in Saint-Denis, so they’re listed at the top, as is tradition in soccer betting. They were the favorites, too, which you can see by the negative sign next to their spread of 0.5 goals; for Les Bleus to cover the spread, they needed to win outright, while Portugal would have covered by at least securing a draw at the end of regulation – which they did, with the score at 0-0. Note that all soccer bets (unless otherwise specified) are based on the result at the end of 90 minutes plus injury time.

The American odds you see in parentheses beside the spread show how much you’d be paid for each bet. A winning bet on France would pay out $100 for every $140 wagered, while a winning bet on underdog Portugal would pay out $105 for every $100 wagered (smaller and larger bet sizes are allowed). There will be times when the spread is a whole number, like one goal or two goals. If the game ends with exactly that winning margin, it’s a push – all money is returned.


Fixed-odds betting is still the most popular way to bet on soccer around the world. The moneyline (also presented here using American odds) allows you to bet on either side winning, as well as the draw. Here’s how the Euro 2016 Final looked at Bovada Sportsbook:

France EVEN

Portugal +330

Draw +215

Again, the score was 0-0 at the end of 90 minutes plus injury time, so the draw was the winning choice in this matchup, paying out $215 for every $100 wagered. Portugal would have paid $330 for every $100 had they won in regulation; France would have paid even money had they prevailed instead.


Instead of picking a side, you can bet on whether the two teams in question will combine to score over or under the posted goal total. This is what was on tap for the Euro 2016 Final:

France O 2.0 (+105)

Portugal U 2.0 (–115)

The line for the Over is listed on the top, indicated by the letter “O” for easy reading, while the Under is listed at the bottom – the team names are irrelevant here. As with the spread, the payouts for each bet is given in American odds. This game was a scoreless draw at the end of regulation, so Under bettors were paid out $100 for every $115 wagered.

First Half

The above “single” bets (spread, total and moneyline) can also be made based on the events of the first half alone, instead of 90 minutes plus regulation.

Second Half

You can also place these single bets for just the second half, ignoring the events of the first half. These can be solid value bets if you’re watching the game live and paying attention.

Game Props

If you’ve made proposition bets (“prop bets” for short) during the Super Bowl, you’ll have no problem understanding this concept. Prop bets are wagers on anything other than the outcome of the game itself; game props cover things like what the Exact Score or Winning Margin will be.

Goal Props

Which team will score first? Will there be an odd or even number of goals? These are the kind of bets you’ll find on the goal props menu at Bovada.

Player Props

This category covers player-specific props, like which player will score the first goal, and who will be the first to receive a yellow or red card.


Instead of betting on a single game at Euro 2020, you can bet on who will win each Group, or the entire tournament. The odds you see above (with France favored at +350 to win Euro 2020) can be found on the soccer futures market at Bovada.

For more information on all these soccer bets, check out our comprehensive FAQ and Help Guides at Bovada, and stay tuned for updated odds and analysis as we continue down the road to Euro 2020.

Euro 2020 at Bovada