Cristiano Ronaldo’s advancing age and recent retirement signals form the core driver behind traders pricing “No” at 74.5% for his participation at Euro 2028. At 41 in September 2026 and turning 43 by the tournament, the Portugal forward has already indicated in an August interview that the upcoming season with Al-Nassr is “probably my last year of football,” citing a desire to spend more time with family and pursue other interests once his contract expires in 2027. His confirmation after Portugal’s 2026 World Cup round-of-16 exit that the event marked his final appearance in the competition, combined with his sister’s public suggestion of a “last dance,” reinforces expectations of a full international retirement. While Ronaldo has historically extended his career through exceptional fitness and motivation, the physical demands of Euros-level competition at that stage, plus the absence of any recent national-team commitments or contract extensions, align with market consensus favoring his absence.