Pre-tournament favourites France stumbled at the final hurdle of Euro 2016, with Portugal overcoming the odds to secure a first international title in Paris.
Fernando Santos' side are 25/1 (26.0) shots to win the 2018 World Cup in Russia with bet365, making them sizeable outsiders against the likes of Germany (11/2), Argentina (9/1), Brazil (9/1), France (9/1) and Spain (10/1).
In terms of defending their European crown in 2020, bet365 go 10/1 (11.0) that the Iberian side record back-to-back victories.
Punters largely came off second best in what was a low scoring tournament where plenty of favourites failed to win in normal time. Portugal's road to glory personified the flow of results as Santos' men won just one game in normal time, only qualifying for the knockout stages due to the expanded nature of the competition.
“Portugal winning was a good result in the outright book in a tournament that ended up being bookmaker-friendly,” said bet365's Steve Freeth.
Outright and match results were largely positive for the layers, the concessions made by the online firm through the Bore Draw and Penalty Payback money back offers proved expensive due to the lack of goals.
Six matches, including the final, finished goalless after 90 minutes, seeing many pre-game bets tallying over £10 million refunded in cash, while outright wagers on Switzerland, Poland and Italy were also returned after they exited the competition on penalties.
While a 0-0 draw at the Stade de France was a costly result for the bookmaker in terms of refunds, Eder's extra time winner prevented another potential payout if the game was settled by spot kicks with France one of the most popular ante post picks.
“We’ve given back around £5m on the final, but at least it didn’t go to penalties – the ‘Penalty Payback’ offer on top of ‘Bore Draw’ would have been horrendous!" said Freeth.