Licensees have been left counting the heavy cost of England's defeat and exit from Euro 2004.
Pubs emptied immediately after England were defeated by Portugal on penalties last week and since then interest in the competition has taken a nosedive.
The British Beer and Pub Association had predicted that at least six million fans would fill pubs and an extra 10 million pints would be sold.
This figure would have undoubtedly risen if England had made it through to the semi-final of the competition.
David Burr, licensee of sports pub the White Hart Inn in Winchcombe, Gloucestershire, said: "Trade has just died in the pub since we went out. We are known as the 'Swedish bar' because most of our staff are from there, so when Sweden went out on penalties as well we suffered a double whammy. I've had to take promotions down and only expect the true hard core football fans to come in for the rest of the tournament."
Dan Bridgett, spokesman for the London Chamber of Commerce and Industry, said: "No question business has been lost, particularly for the afternoon games. Drinkers were in pubs from 4.30pm onwards, this was an optimum for licensees and it's obvious that England's exit has denied a further economic boost."