Exposure = what they need to pay out if the result comes in.
England are always very short odds in these tournaments because punters get carried away backing them. The more money that goes on them, the more the bookies need to pay out if they do win (even if it is unlikley).
The bookies lower the odds to make the bet less attractive hoping punters will bet on other results to hedge their exposure.
If you look at Exchanges like Betfair, France are favourites at 5-1 and England are 2nd favourites at 6.8-1
