There are 16 teams in Austria and Switzerland, but punters are coming out in force to nail their colours to the mast of one team in particular - Spain.
Our official online bookmaker bet365 has been forced to cut Spain to 11/2 (from 6/1) and they are looking at a hefty payout if Fernando Torres and Co manage to write their name on the Henri Delaunay trophy for the first time since 1964.
Given that the Liverpool striker had such a fantastic end to the season, it's easy to see why they are so popular and punters are expecting him to continue that red-hot form.
"Torres is a shocking result in the Golden Boot market," said Steve Freeth, from bet365.
"We have laid him at 14/1, then 10/1 and now even at 9/1.
"There is a big gamble going on Spain and it is mainly coming from the UK.
"Spain are always well backed but there is far more confidence this year and we had to cut them to 11/2 following the weight of money."
Of course, they are not the only team being backed, with bet365 seeing money for Russia at 28/1 as people latch on to Guus Hiddink factor, while Holland have been popular at 12/1.
With such wide open betting, where is your money going?
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