Paddy Power boosted England to 7/1 favourites to lift the trophy for the first time since 1966 after the game, compared to the pre-match odds of 15/2.
"England are very unEngland this tournament – even when they're losing they're winning under Gareth Southgate," a Paddy Power spokesperson said in a statement.
"So, yes, the odds have actually improved after that loss
... but beating Colombia is hardly a foregone conclusion".
The result meant England would face a tricky Colombia side in the last 16 on Tuesday and a victory would ensure a less perilous quarter-final game against either Sweden or Switzerland.
Belgium take on Japan on Monday in the first knockout round but a win could pitch them against five-time winners Brazil, who face Mexico in the last 16.
One among Spain, Russia, Croatia and Denmark will await Gareth Southgate's team if they progress to the semi-finals for the first time since 1990.
(Reporting By Arnab Paul in Bengaluru; Editing by Amlan Chakraborty)
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