Find a close bet on any team other than Spain. Back and lay as normal. Then lay Spain for a profit.
e.g (These odds are made up)
Brazil Back 5.5 Lay 6
Back £250 @ 5.5
Lay £231.09 @ 6 (Assuming 5% Comm) = £219.54 Total loss = £30.46
Now lay Spain £32.06 @ 5.4 = £30.46 after commission liability 141.06
So If Brazil Win the tournament the Spain Lay covers your losses
If Any Team other than Spain or Brazil wins the tournament you 2 lays cover the £250 loss
If Spain win the tournament you are down £141.06 + £30.46 = £171.52 with a £250 refund to come. If refund is cash then £78.48 Profit, if refund is free bet assuming 80% return £28.48 profit
You can then if you wish lay this profit for equal return so 78.48/5.4 = £14.53, i.e. lay £14.53 on Spain at 5.4, giving something like equal profit either way.
Because of the complexity of this for a relatively small return I only do these kinds of offers on an arb or narb
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