Fidel Nikitin, 27, hoped the £2,300 gamble would allow him to clear his debts but Portugal went on to beat the host nation on Sunday.
According to Daily Record, the mobile phone salesman, from Izhevsk, Russia, left a message on his social media account after the 1-0 defeat saying: “Thank you and forgive me.”
Police said he walked onto the Ludzya-Izhevsk railway track and did not flinch as a train sounded a warning.
The driver said he had no time to stop after seeing the man on the track, it was reported.
Relatives revealed university educated Fidel was deeply shocked after Portugal beat France to win the tournament.
Fidel had taken out a series of loans but was unable to pay them back.
He had hoped winning the bet would allow him to repay his debts.