While neither Spain or England were at full strength for Monday's UEFA Nations League clash, the bookmakers were impressed by the Three Lions' performance.
Before the Nations League got underway, bet365 made England 12/1 (13.0) in the Euro 2020 outright winner market.
After the 3-2 win over La Roja though, the same firm have cut Gareth Southgate's men to 8/1 (9.0) to win their first ever European Championships.
The next edition of the competition will be held in venues across the continent, with both semi-finals and the final scheduled to take place at Wembley.
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Monday's clash at the Estadio Benito Villamarin saw plenty of action in the early stages as goals from Marcus Rashford and a Raheem Sterling double gave England a 3-0 advantage at half-time.
That score line was a 150/1 (151.0) chance before the game got underway, although understandably it wasn't a popular pick with punters.
bet365's Steve Freeth said: “There were only a handful of 150/1 pre-game wagers on England to be 3-0 up at the break in what was an outstanding 45 minutes of football from Gareth Southgate’s side.”
While Luis Enrique's men staged something of a comeback, La Roja couldn't overturn the deficit and tasted defeat for the first time under the former Barcelona boss.
bet365 go 9/2 (5.50) that Spain are crowned champions in two years' time, behind World Cup winners France at 7/2 (4.50).
Belgium are rated as 7/1 (8.0) shots while holders Portugal are priced at 12/1 (13.0).
Perhaps the most surprising price is the industry-best quote of 7/1 (8.0) about Germany. bet365 certainly haven't been impressed with Joachim Low's side of late, pushing their price out after a torrid few months.
The 2014 World Cup winners are as short as 4/1 (5.0) elsewhere for Euro 2020 and with an incredibly talented squad, it would be no surprise to see bet365's 7/1 (8.0) prove an appealing prospect for those who believe Low will turn things around before the tournament gets underway.
Check out the latest Euro 2020 winner odds at bet365
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