The concept of insurance has been around for centuries, as has the term hedging.

For UK bookies England getting knocked out is a negative result for the events turnover, as the presence of the three lions always boosts interest among the betting public.

Along with a general fall in expected betting turnover, many bars and supermarkets will experience the absence of mass sales of lager, pizza and vuvuzela’s. It makes you wonder why bar owners and Tesco’s and co didn’t lob a few grand as a hedge on Germany to beat England. With the typical pricing bias towards England it would perhaps even have been a value punt. The feeling is that Mr Whitbread and Mr Sainsbury missed an opportunity, after all there wasn’t a value bet on “Somerset rain” for the Glastonbury wellington boot stall owners!