The Football League One was established in 2004 after the former Division One became known as the Football League Championship, thus promoting what was then called Division Two. Consisting of 24 football teams that play each other twice both home and away, which results in 46 games each per season, the Football League One schedule is among the most busy of all the English divisions. The structure of the Football League One division is such that the top two clubs and the winner of the play-off tournament, which consists of the teams finishing 3rd to 6th inclusive, are promoted to the Football League Championship whereas the bottom four clubs are relegated to the Football League Two.

The current Football League One champions are Leicester City (2008-09), who were among the favourites to win that year having previously spent time in both the Football League Championship and the Premier League. Current odds affecting Football League One games are much the same as those affecting the other leagues, although the competition at the top is generally regarded as more fierce than in the Premier League, which comprises an established top four clubs.

As an illustration of the kind of odds available in Football League One betting, the match involving Leeds United vs Yeovil (31st October 2009) offers 2/5 odds on for a home win, 10/3 against a draw and 15/2 for an away win. Indeed, this is hardly surprising as Leeds United are currently (as of immediately prior to the match) top of the Football League One whereas Yeovil are stuck in the middle of the table. Other betting activities are supported in respect to the Football League One, such as betting on the first goal scorer of a game.