Ladbrokes stands to lose £1m for every game England wins in the group stage of Euro 2016

England winning the Euro 2016 soccer championships in France is the biggest single risk to Ladbrokes’ profit this year, chief executive Jim Mullen said.

The British bookie stands to lose £1m (€1.27m) for every game the team wins in the opening half of the tournament, which starts June 10 in Paris, the Scottish CEO said.

“For the first half of the tournament we could be significantly in the red,” Mr Mullen said.