Bookmakers cleaned up four years ago when Greece sprang a 150/1 surprise and the holders are again relatively unfancied, albeit at greatly reduced odds of 25/1 this time around.

Instead, favourite backers are turning to perennial powerhouse Germany to repeat their 1996 triumph at around the 4/1 mark after a comfortable qualifying campaign which saw them score 35 goals in 12 matches.

Spain are next best in the betting at 6/1 to put years of underachieving in major finals behind them, world champions Italy can be backed at 7/1, France are 8/1 to go one better than they did at the 2006 World Cup in Germany and Portugal's promising youngsters are also that price.

England fans impressed by Croatia's two wins over the Three Lions can get up to 14/1 for Slaven Bilic's side, whilst co-hosts Switzerland and Austria are available at 25/1 and 125/1 respectively.

William Hill spokesman Graham Sharpe said: "We are predicting that over £400m will be gambled on the tournament, an increase on the last one of up to 33%.

"It is some while since England failed to qualify for a major tournament, so it is difficult to assess whether their absence will affect turnover.

"However, many punters who otherwise invest emotionally but not financially in England, Scotland, Wales or one of the Irish teams may now realise they need to back an alternative team in order to take a real interest in the tournament and its outcome.

"In these days of worldwide betting courtesy of the internet we can also take money from supporters of all the countries involved - we have clients in 200 countries.

"Thus far the best backed country has been Germany - for whom we have taken one bet of £20,000, the largest struck so far. The second best backed is Holland, followed by Croatia, Russia and Turkey.

"The best result for us would probably be a victory for either of the hosts, who have attracted very little support. Greece winning again would not be a disaster either!"

Portugal, Germany, Italy and Spain are favourites to win their respective groups and a four-timer on them all to top the table would give punters a potential pay-out of over 15/1.

Irish firm Boylesports are offering odds on which two teams will make the final and go 20/1 for bitter rivals Germany and Holland to meet in Vienna on June 29, while fans of free-flowing football may fancy a flutter on a Portugal-Spain decider at 14/1.

Past and present Premier League stars figure prominently in the betting on who will be the tournament's leading goalscorer, with Manchester United winger Cristiano Ronaldo a 12/1 chance with Betfred.

Milan Baros was at Liverpool when topping the charts in 2004 and current Anfield marksman Fernando Torres can be backed at 14/1 with bet365, who also offer 16/1 for both Thierry Henry and Ruud van Nistelrooy to win the Golden Boot.

On five occasions the sharpest shooter has played for the team that lifted the trophy and Hills offer 22/1 for Ronaldo and Portugal to both prevail and 20/1 for Torres to fire Spain to outright glory.

Sporting Index have set their line on the number of goals scored in the whole event at 74-75.5 and punters can take them on by going above the higher mark or under the lower total.

The spread betting firm are famed for some of their more imaginative markets, with the number of corners set at 318-325 and the number of times players are caught offside put at 170-180.

And the alternative to getting frustrated by fussy foreign referees and the more theatrical continental stars going to ground at the slightest touch is to have a punt on there being more than 1,140 fouls awarded.