Michael Owen, his squeaky-clean reputation sullied by a weekend of gambling allegations, last night moved to protect his image by rejecting claims that he had frittered away £130,000 in lost bets and was in fact only an "occasional" gambler.

The England striker, paid £70,000 a week by his club, released a statement yesterday through his management company, SFX, insisting his losses were "nowhere near the levels" reported and in fact totalled £30,000-40,000 over the past two years.

That amount may be twice what some Liverpool fans may earn in such a period - a point underlined by Bobby Charlton, who yesterday described such high-stake gambling as "vulgar".

Owen's name is currently used to promote a variety of products - from Lucozade to Swiss watches, breakfast cereals to toys and games - with his endorsements for the likes of Jaguar and Umbro swelling those earnings to nearer £100,000 a week.

SFX does not claim a proportion of the forward's wages, but it is due 20 per cent of monies generated by those commercial deals, with Owen's pristine reputation something of a money-spinner.

Without denying his penchant for a flutter, the England vicecaptain reacted to newspaper claims that he had gambled a total of £2.2 million, spent £15,500 in in a sequence of 21 bets at Kempton Park and York in one day, as well as betting on a horse while he captaining his country against Portugal last September, by insisting that he is aware that his status demands he act as an example for others.

"I have done nothing wrong and I can't believe some of the hurtful allegations that have been thrown at me, especially as they are so obviously inaccurate," he said.

"I fully accept that high-profile sports people are a role model for youngsters and I would never encourage anyone to gamble. I have gambled occasionally, but to nowhere near the levels reported."

According to an SFX spokesperson, Michael's father, Terry, opened an offshore betting account two or three years ago and his son had used it to place bets for friends and family, and occasionally himself.

"Michael's gambling losses probably total around £30,000-40,000 over the last couple of years," the spokesperson said. "Although the sums represent a tiny percentage of his earnings, Michael and his family know how important even £100 is to a normal household.

"It was not long ago that their family of seven lived together in a tiny house in a north Wales village. He has helped to raise hundreds of thousands of pounds for charities and other good causes over the past few years, and he is totally devoted to his family."

The Football Association will take no action against Owen over claims that he had backed Manchester United in the Champions League, as well as Chelsea and Tottenham Hotspur in the Premiership, as he was not involved in the matches and therefore did not contravene league rules.

Until two years ago, professional footballers were banned from gambling on matches, but those rules were relaxed to allow players to place bets on games and competitions in which they are not participating.

"There's been a bit of a witch-hunt on gambling in sport," stressed Gordon Taylor, chief executive at the Professional Footballers' Association. "If we're not careful, it will get a bit hysterical.

"I feel sorry for Michael Owen, bearing in mind the great job he does as a footballer for Liverpool and England. Suddenly he's going to feel embarrassed with this.

"It's as though he's expected to be superhuman. You have to keep it in proportion. Gambling is not as widespread as is being made out but, because some of the top players have got big earnings, in proportion their stakes are higher.

"To the ordinary man in the street that looks excessive and it will add fuel to the idea that players just throw their money away."