Euro 2020 Odds: Italy Wins in Penalties

Italy defeated England via penalties in the final. The Azzurri were +800 on the futures market prior to the group stage.

Posted: Jun 8, 2021 8:15 AM ET Updated: Jul 11, 2021 11:12 AM ET Est Time: 4 min
England Harry Kane Euro 2020
Photo By - USA TODAY Sports

Italy have won Euro 2020 after defeating England on penalty kicks in the final. England went ahead 1-0 in the second minute of the match but Italy were able to even it in the second half before winning 3-2 on penalties.

Prior to the group stage, Italy were +800 to win Euro 2020. The Azzurri were among the favorites but were certainly not the overall favorite to win the tournament, sitting behind France (+450), England (+500), Belgium (+600), and Germany (+700) on the odds board in early June.  

Outright odds and predictions

The Covers Odds show you the fair market value for each team. Compare it with current odds at betting sites to find positive expected value (+EV) opportunities highlighted in green. Learn more below.

Odds updated ahead of Italy v England on July 8th. EV is calculated on a $100 bet.
Teams Covers Bet365 FanDuel betway
Odds Odds EV Odds EV Odds EV
England -111 -120 -$4.76 -120 -$4.76 -130 -$6.35
Italy +112 +100 -$5.76 +100 -$5.76 +100 -$5.76

How to use this odds tool

The quickest way to become a winning sports bettor is by shopping around at different sportsbooks for the best odds for your bet. 

No matter how big or small the bet, getting the best price on odds is critical to betting success.

At Covers, we are committed to delivering the most sustainable prediction service. Above, our new “Covers Odds” are generated by the same models that create odds for sportsbooks, with one caveat: we do not include the margin.

These odds are a look at the fair price sportsbooks should be offering. 

Our comparison table will show which sportsbooks offer the best value odds (highlighted in green) available within the market. 

Covers Odds will update after each matchday during the Euro 2020 tournament. Check back daily to find the best bets before the odds move.

Covers odds explained

Let's explain the Covers Odds column above a little more.

Before sportsbooks begin taking bets on games, they create fair odds to represent the true probability of an event. Margin (also called vig/juice or overround) is added to the fair odds to build in an edge for the sportsbook before offering to bettors. This is how sportsbooks manage their risk and earn a profit.

The Covers Odds column represents the fair odds many sportsbooks use before adding in their edge. We source the odds from the same models that provide them to sportsbooks around the world. The Covers Odds is a number that bettors can trust to determine where the most valuable bets are available.

Euro 2020 odds over time

Odds movement of the remaining teams in Euro 2020 since November 2020:

Past UEFA European Championship winners

Year Winner Runner-Up
2020 Italy England
2016 Portugal France
2012 Spain Italy
2008 Spain Germany
2004 Greece Portugal
2000 France Italy
1996 Germany Czech Republic
1992 Denmark Germany
1988 Netherlands Soviet Union
1984 France Spain
1980 West Germany Belgium

How to bet Euro 2020 outright odds

Betting on the outright winner of Euro 2020 is an extremely popular futures betting option and odds usually come out soon after the previous Euro winner is crowned. These odds will adjust based on how countries and players perform leading up to the tournament. Sportsbooks will also adjust the soccer odds based on handle and liability with certain nations.

Futures odds are displayed in list form, showing each option and its odds – most often ranked from best chances to win to worst. You will usually see a plus (+) sign in front of a team's futures odds, like this:

  • England +500

This means that on a $100 bet, you would stand to win $500 if England won Euro 2020. As we get closer to the Euro final or if one team has been extremely dominant, you might see a country with a minus sign (-) ahead of its odds. 

  • Belgium -110

This would mean that you have to bet $110 to win $100 on a Belgium Euro 2020 outright victory.

Above we have posted the American odds for Euro 2020. However, these are easy to convert to decimal odds or fractional odds with our odds converter tool

Where can I bet on Euro 2020 odds?

As a signature tournament for the most popular sport in the world, almost every online sportsbook and betting site will offer odds for Euro 2020. Check out the best soccer betting sites available where you live.

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