The Football League Two was established in 2004 after the then Football League One became known as the Football League Championship. Playing a standard football season between August and May, Football League Two comprises 24 clubs that play each other twice (home and away) over the course of a season. The 2008-09 Football League Two Champions were Brentford, who are currently enjoying success in the Football League One. Many bets associated with the division involve gambling on which teams are likely to be promoted into the higher league (the top three clubs and the winner of the play-off tournament will be promoted each season) or relegated to the Conference National (the bottom two teams).

Although nowhere near the same level as the Premier League or Football League Championship, the League Two division attracts plenty of sports betting and works in much the same way as any other league. It is common for sports betting customers to gamble on the outcome of each Football League Two game, who will score the most goals in the division, who will score first and so on. Competition in the league is extremely fierce as the teams are closely matched, which is another reason why sports betting is such an attractive option. In fact, at the end of October 2009, the top ten teams were separated by just ten points.

Bournemouth and Rochdale are two of the leading clubs in the division at the present time and their match on the 31st October has attracted close odds of 11/10 for a Bournemouth home win, 23/10 for a draw and 5/2 for an away win. It is also possible to wager on which team will win the league or which player will score the most goals, although odds will vary throughout the season.