The bookmaker said growth in online betting and the popularity of football wagers meant the UK and Ireland betting industry stood to generate 40 per cent more than it did from the last tournament in 2004.
Ladbrokes said the presence of England at the finals might have bolstered turnover by 20 per cent, but it also increased the risk of a big hit to bookies if the team had gone on to win the event in Austria and Switzerland.
Company spokesman Ciaran O'Brien said: "No home team qualification means we won't have the patriotic betting we would normally see, but the growth of online betting, betting on football and the increasingly international reach of bookmakers mean it will still be a record Euro 2008 for the industry in terms of turnover."
Germany are the 4/1 favourites to lift the trophy, with Spain 5/1 and Italy and Cristiano Ronaldo's Portugal both priced at 7/1.
Bookies will be hoping for a repeat of the result at Euro 2004, when 100/1 shots Greece shocked the football world by beating their Portuguese hosts in the final.
Football has delivered a good return for the industry so far this year, helped by three English teams in the Champions League semi-finals and Manchester United and Chelsea contesting the tightest Premier League in years.
Ladbrokes, which has 2,600 betting shops in the UK, Ireland and continental Europe, said last month there had been "particularly strong growth" in football turnover, offsetting a slightly tougher time in horse racing after joint-favourite Comply or Die won the Grand National.
Meanwhile, Ladbrokes will this week become the first major high-street bookmaker to launch its own customer loyalty card.
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