Shares in some of the UK’s biggest bookmakers rose on Thursday, boosted by investor relief after England crashed out of the football World Cup.

Hopeful fans and opportunistic punters had placed bets on England’s ultimate victory in the tournament, which would have prompted a hefty payout by the bookies.

That is now off the cards after the 2-1 defeat to Croatia. Paddy Power Betfair was up 3 per cent, William Hill was up 2 per cent and GVC rose 1 per cent in early trade on Thursday.

The UK’s largest spread betting firm Sporting Index may also be set to lose thousands on the World Cup after miscalculating a novelty offer, the Guardian newspaper reported this week.