Could England actually bloody the bookies' noses this time?

The loss to Belgium has seen the side's odds clipped again because of an apparently easier draw, and hopes are rising of a much needed economic shot in the arm, but the gambling industry won't be joining the party if England take advantage

Joyous England fans: They've traditionally headed to their local bookmakers after a good result, to the latter's delight (PA)

England’s loss to Belgium could be a win for the economy.

The Centre for Economic & Business Research predicted a £720m spending splurge even were England to crash out at the round of 16 stage.

However, in the half of the bracket in which England find themselves after their loss to Belgium, there are nine combined World Cup, Confederations Cup and continental trophies. In the other half there are 72.

It’s arrogant in the extreme to think that the team will breeze through the likes of Columbia, and then either Sweden or Switzerland en route to a semi final berth.

But, assuming Belgium beat Japan, they would then face Brazil or Mexico. Which would you prefer?

Retailers, the hospitality industry, and of course, bookies are expected to be the chief beneficiaries if England do progress. The gambling industry will just be hoping they don’t go too far.

According to Oddschecker, a price comparison site for punters, some 58 per cent of the bets placed on the tournament win market are for England. The side’s odds were clipped by two points in the wake of the loss because of the draw.

Bookies like to bandy around numbers about how much they will lose if England win because it’s good for business. Punters like to stick it to them even more than they like to see their heroes sticking it to their opponents.

But wherever the final figure ends up - and it looks like being very high - the impact on the industry if England go all the way will be brutal.

The World Cup might have been expected to provide something of a cushion for the industry in the wake of the Government’s justified crackdown on fixed odds betting terminals, which account for half of the turnover of some shops, but are set to have the maximum betting limit cut to £2 from £100 as a result of their status as a magnet for problem gamblers.

It won’t do that if England win. They’ll face a perfect financial storm.

If, if, if. We’ve been here before. A decent result or two and the nation loses its collective head, beating a path to betting shops in anticipation of a windfall that never arrives thanks to the inevitable penalty shoot out.

Still, over the last couple of years, a host of certainties have been shattered. Making predictions about anything these days is mug’s game. If a reality TV star with no prior experience can become President of the USA, could England actually win one on penalties?

Surely not. That has to be a step too far. Has to be.

But it mightn’t be wise to be buying gambling shares all the same.