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Euro 2020 Odds: France The Strong Early Favorite

The European Championship is finally underway. One matchday down into the group stage, action from Euro 2020 is starting to heat up as teams move to the brink of elimination and qualification. A few teams have already shown glimpses of their best form while others have struggled to find their feet early in the tournament.

Are there any changes to the favorites to win Euro 2020? Are there title contenders already on their way out? We break down the Euro 2020 odds for the tournament below.

In the latest Euro 2020 odds via BetOnline, France are the favorites to win the tournament with odds of +350. Belgium and England, who enjoyed contrasting wins in their opening matches, are next on the Euro 2020 oddsboard at +550 each. Italy (+650) and Portugal (+700) round out the top five teams.

Note: All odds and analysis in this article are as of the end of the first Euro 2020 matchday.

Who are the Euro Cup Betting Favorites?

Odds to win Euro 2020
Czech Republic+10000
North Macedonia+50000

Odds as of June 17 at BetOnline

Picking a Favorite to Win Euro 2020

From Odds Shark’s previous update, lots has changed as the group stage of Euro 2020 has kicked into high gear. The favorites to win this tournament haven’t changed, though. In fact, there are subtle differences starting to form in between the favorites as well.

See Odds Shark’s Best Euro 2020 Betting Sites

France (+350)

France’s odds have shortened rather significantly. From the previous update, the French have moved to the top of the Euro 2020 oddsboard with odds of +350 from +500 at the start of the tournament. They have done that with a clutch victory against 2014 World Cup winner Germany on June 15.

That victory all but ensured they would escape the group of death unscathed. More impressively, France kept a clean sheet against one of the most explosive offenses in the world in Germany.

“We’re focused on our jobs on the pitch. We know we need to live up to our tag as world champions and come out on to the pitch with humility,” Paul Pogba told M6 after the match. “When we need to suffer, we do it together and when we attack, we do it together.” 

Belgium (+550)

Kevin De Bruyne is nearing closer to a return with the starting XI for Belgium. That will change the dynamics of how this team approaches its matches. For starters, there will be a lot more confidence and offensive firepower. Belgium have already started with a high-quality 3-0 win against Russia in their Euro 2020 tournament opener.

Their Euro 2020 odds of +550 are starting to become too compelling to ignore, based on the early evidence. Timothy Castagne has unfortunately been ruled out of the tournament, which will hurt their chances. To compensate, Axel Witsel is not far away from a return to the squad. Watch out for this team.

England (+550) 

England started their Euro 2020 campaign with a 1-0 win against Croatia. While that was far from entertaining, the win ensured that England will not face too many more challenges en route to the Round of 16. Raheem Sterling scored the match winner in the 57th minute of that fixture.

As a result of the lack of prowess in the final third based on the evidence of that match, England’s Euro 2020 odds have lengthened from the previous update, moving from +500 at the start of the tournament to +550. That might also increase your payout if you decide Gareth Southgate’s squad is your preferred selection.

The Euro 2020 Teams That Have Impressed

It’s still fairly early in the tournament but there is plenty of evidence to suggest that there could be a few teams to throw their hat into the ring, such as …

Italy (+650)

In Rome, Italy started the tournament with a 3-0 win against Turkey that ensured there will need to be a miraculous turn of events in Group A for them not to make the Round of 16. That’s extremely implausible after the first matchday.

Italy have used the services of Ciro Immobile, Lorenzo Insigne and Nicolo Barella well in the final third. It will be interesting to see if Italy can maintain their defensive solidity to ensure there are no gaps because one goal could spell the end of the tournament for them in the knockout stages. For now, Euro 2020 odds of +650 on Italy are not too bad at all.

Netherlands (+1200)

Well, purely from a results standpoint, they won their opening match against Ukraine 3-2. Although Netherlands looked far from their best, there was just a short period of chaos defensively, which allowed Ukraine back into the game. Apart from that, Netherlands were fairly steady at the back as well as in the transition between phases, led by Georginio Wijnaldum.

“This is why we analyze these games exhaustively – because we hope we will not have to do so again. Let’s say that this will not happen again,” coach Frank de Boer said after the match in an insightful analysis of his team’s defense.

“We could see (the first goal) coming 10 seconds beforehand. Yarmolenko was looking for it. You know he’s left-footed – he’s famous for it – so you have to defend it better and we did not do that. For the second goal, two players were too enthusiastic – that’s why no offside was given. You know the opposition will get opportunities but you hope it will not be through your own fault.”

There are teams that need a bit of luck early because they are just not at their peak physically. Netherlands’ opening match was evidence of that. You will expect Memphis Depay to have an impactful role in the matches that follow. Netherlands are an interesting choice at Euro 2020 odds of +1200. Even though they are unlikely to make the final four, if they can win a couple of key matches, their Euro 2020 odds could shorten significantly, even providing you with a decent cash-out, based on your preferred sportsbook.

The Euro 2020 Teams That Have Not Impressed Yet

Three such soccer powerhouses come to mind. Now, it’s important to remember that the sample size is just 90 minutes on the pitch, so take that into consideration while making your decisions.

Portugal (+700)

It seems strange and paradoxical to say Portugal did not impress despite winning 3-0 in the opening match. However, for the majority of that match, Portugal did not have the depth to break down Hungary defensively. Eventually, tired legs and fatigue played an influential role, particularly after a deflected goal broke the spirits of Hungary at home.

Cristiano Ronaldo scored a brace, including one from the penalty spot, to become the highest goalscorer in the history of the European Championship. His 11 goals overtook Michel Platini, who scored nine goals at this tournament.

“It was essential to start on the right foot to give us confidence, and now it is necessary to continue like this and win the next game,” Ronaldo said after the match. “The important thing was to win. It was a difficult game, against an opponent who defended very well, but we scored three goals.”

Bruno Fernandes and Bruno Silva provided some impetus in the middle of the pitch but Portugal still need a bit more oomph to ensure they can make a deeper run into the tournament. After their opening win, Portugal’s odds to win Euro 2020 reduced to +700 after starting the tournament at +900.

Spain (+850)

Spain’s Euro 2020 odds have lengthened a bit. After starting the tournament with odds of +800, they are now +850 to win the Euro Cup. That’s because of a tame draw against Sweden to open the tournament. It would be erroneous to count out Spain because of their incredible depth and defensive prowess. They usually don’t concede goals, which makes the goals they score extremely impactful. Spain should still make the final eight, at least, and stake their rightful claim for the crown of Europe.

Germany (+900)

Germany’s Euro 2020 odds have not moved at all despite a tournament-opening 1-0 defeat to France. I would say that’s fair because France are one of the best teams in the world, and if Germany can make it out of the group of death, almost any outcome is possible, including a run all the way to the final.

The issue for Germany is that their offense just lacked depth, which is rare for a team coached by Joachim Low. Germany had just one shot on target against France, their lowest since the 2008 edition against Spain. From a Euro 2020 betting strategy point of view, I would just wait and watch how this squad opens up against some of the weaker teams. If they beat Hungary by a substantial margin, you could reconsider Germany for the title but if they don’t, there could be some deeper issues to address.

Which Teams to Not Bet On?

The rest of the pack that has not been mentioned above can be discarded from your betting slip. It has been an unfortunate start for a few of those teams, like Denmark and Croatia.

Denmark (+3500)

Denmark will probably be the story of Euro 2020 despite a strong chance of not even making the Round of 16. Toward the end of the first half of their opening match against Finland, Christian Eriksen collapsed on the pitch. The medical team performed emergency CPR and successfully resuscitated Eriksen. That was as horrific an incident as you will see on a soccer pitch. Spare a thought for the colleagues and friends of Eriksen, who also had to undergo a traumatic ordeal of this scale.

“I’m fine – under the circumstances,” Eriksen said via a social media post. “I still have to go through some examinations at the hospital, but I feel OK. Now, I will cheer on the boys on the Denmark team in the next matches. Play for all of Denmark.”

As the players returned to the pitch, Denmark couldn’t stay abreast with Finland and were eventually spectacularly beaten. How is the mental state of the Denmark players? How will they cope with that loss to Finland? They will also miss the quality and skill of a player of the caliber of Eriksen. There are too many questions around the rest of the team to be able to predict the answers with any level of certainty. As a result, staying away might be the best choice.

Which Team to Bet On?

Early evidence suggests France are the most likely contenders for the Euro 2020 title, particularly after a high-quality win against Germany. Their defensive corps, including holding midfielders like N’Golo Kante, is going to be hard to break down. Pogba was adjudged the star of the match in the opening encounter, which will hold him in good stead.

Despite France’s solid form, I still like Belgium. After their 3-0 opening win and the imminent return of De Bruyne into their lineup, I’m quite surprised that their Euro 2020 odds are still as high as +550. Eden Hazard played for just 20 minutes in that match against Russia after coming on as a substitute. You will see a greater impact from him as the tournament progresses as well. Belgium beating Russia despite little or no contribution from Hazard and De Bruyne, two of the best players in the world, is a dangerous sign for the rest of Europe.

If I were betting my bottom dollar, it would be on France because they are probably the safest option but from a more realistic sense, Belgium at this stage has more value.

I would also just hold off on placing a bet on England and Italy. There could be offensive issues, apart from Harry Kane of course, as this tournament progresses for England. I’ve yet to see enough evidence that they can score easily against some of the better teams like France and Spain.

Italy have started well but Turkey lacked any creativity in the final third in that match. Italy will play glamorous, quick-paced, entertaining football but that doesn’t win tournaments. They don’t have serious competition in Group A so proof of their sustained excellence is still pending.

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How to Read Euro 2020 Odds

At any soccer betting site, you’ll see futures odds laid out like so:

  • England +500
  • Belgium +550
  • France +550
  • Spain +700

If you were to make a traditional straight-up bet, the favorite would be shown with the minus sign (-). In cases like these where there is no clear front-runner, the country with the lowest odds is the fave even if they’re all represented with the plus sign (+) which is generally used to demonstrate underdogs.

Let’s say you’ve looked at the group schedule and think Sweden is going to dominate and make it all the way to the top. A $100 bet would give you a payout of $1,350 – your original money is returned coupled with your winnings of $1,250.

Our Odds Calculator is a tool that will tell you how much you’d win based on the offered odds and amount bet.

What is a Futures Bet on the Euro Championship?

A futures bet is a wager made far in advance of a big event. Here, the bet is on the quadrennial Euro contest. It can be said that most bets are made prior to a sporting matchup, but futures can be placed weeks, months or even years in advance. In fact, as soon as the last championship is won, new odds will be released.

The odds will shift as the group stage gets closer and continue to move until right before the final is played at Wembley Stadium on July 11, 2021. If you see odds you like, take them to get the most value on your bets (should you win).