The smallest value of x, for which Bob can still avoid (with absolute certainty) to lose any money is:
€51
He starts off knowing Alice's order is one of 52! orders. Let us imagine Bob can keep a list of this vast amount of orders. When he pays €1 he receives some information: "these positions are correct and the rest are not". He now deletes impossible orders and will have a smaller number of possible orders left - those forming the intersection of those orders that match at positions he has matched so far and those that do not match any of his attempts so far at positions he has not yet matched.
If, in any round, Bob:
- places a matched card in an as yet unmatched position;
- places an unmatched card in a matched position; or
- places an unmatched card in a position he has already tried for said card
...then he will receive some information he already knew (he knew that card did not go there) and hence will, in expectation, reduce his list of possible orders by less than if he avoided doing so.
Furthermore, since he will know Alice's order if he matches all but two positions, he should
- avoid possible orders that include any pairwise transpositions of two positions of previously unmatched cards
...as there is a chance he will get this information for free. Note, however, that this does not affect the worst case performance, but does affect the expected performance (see this follow up question).
One way, and by far the easiest, to assure he avoids all four of these scenarios is the cycling unmatched cards method given by Carl Löndahl.
Since Bob is avoiding at least 1. 2. & 3 to maximise his information and the information gained from making a match is at least as much as the information gained from making a non-match, the worst case is necessarily not matching any cards all the way to round N-2 and then matching some number (possibly zero) of the cards in round N-1 which then reduces his possible orders to 1.
If we label Bob's order as
(0,1,2,3,...,N-2,N-1)
then for a cycling of unmatched cards there are two worst case orders for Alice to have chosen, if we cycle rightwards then
(1,2,3,...,N-2,N-1,0) has no matches in round N-1, and
(2,3,...,N-2,N-1,0,1) matches all in round N-1;
if instead we cycle leftwards they would be
(N-1,0,1,2,..,N-2) and
(N-2,N-1,0,1,2,...) respectively.
As an example of the fourth point one can compare Carl's method with choosing the first of the possible orders when they are listed in lexicographical order for all cases of a four card game. If we label Bob's starting choice as (0,1,2,3) and have him cycle leftwards, then his costs for each of the 24 orders Alice could choose are:

When using the first lexicographically listed order, when Bob does not match any in the first round using (0,1,2,3) then his next round choice will be (1,0,3,2), which, while being a possible order, happens to be two pairwise transpositions of his first round attempt. This helps him in one of the two worst cases he would experience from cycling unmatched cards (if he was cycling rightwards it would help him with the other instead), but hinders him in three cases. The worst case scenario is the same, but the expected cost rises from $\frac{43}{24}$ to $\frac{45}{24}$.