Paddy Power are refunding stakes on several markets including first goalscorer, correct score and scorecast if Roy Hodgson's men lose out to the Azzurri on Saturday
The bookmakers are struggling to split the pair, making Italy slight favourites at 17/10 (2.70) with England available at the fractionally bigger price of 15/8 (2.88) and the draw at 2/1 (3.0).
Paddy Power are offering to refund losing bets on selected markets if Cesare Prandelli's side get the better of the Three Lions in their opening Group D encounter.
Punters who miss out on their first/last goalscorer, correct score and scorecast bets will be refunded by the bookmaker if Italy collect three points.
It was a mixed warm up period for Hodgson's men. An encouraging win over Peru at Wembley was followed by a much-changed England side recording a 2-2 draw in Miami against Ecuador but the somewhat toothless display in an interrupted clash with Honduras at the same venue wasn't an ideal way to sign off before heading to Brazil.
Italy emerged victorious from their final warm up clash with Fluminense, winning 5-3 against the Brazilian side on Sunday evening. That result followed a 0-0 draw against the Republic of Ireland.
The bookmakers are expecting a low scoring game on Saturday night with under 2.5 goals available at just 4/9 (1.44) with over 2.5 goals as big as 13/8 (2.63) and the 0-0 scoreline trading at 5/1 (6.0). The pair couldn't be split in normal time when they met in the European Championships two years ago, with Italy getting the better of the penalty exchanges after a goalless 120 minutes.
Wayne Rooney and Daniel Sturridge are both 6/1 (7.0) to break the deadlock in the game but it's Italy's Mario Balotelli who is the market principle, priced at 11/2 (6.50) to score the first goal of the game past his former Manchester City team-mate Joe Hart.
|MONEY BACK SPECIAL
|Paddy Power will refund losing bets on the first/last goalscorer, correct score and scorecast bets on the match if Italy beat England
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