The Champions League is underway, and the futures market is already starting to take shape after the opening round of league-phase matches.
Barcelona have emerged as the outright favorites at +520, narrowly ahead of Arsenal at +540, while two-time defending champion PSG have slipped to +560. Bayern Munich (+600) and Real Madrid (+700) remain firmly in the mix.
With the first results on the board and plenty of movement near the top, let's dive into the latest Champions League odds and see where the value sits.
Champions League Odds to win the tournament
| Team Name |  |
|---|---|
 Barcelona |
+520 |
 Arsenal |
+540 |
 PSG |
+560 |
 Bayern Munich |
+600 |
 Real Madrid |
+700 |
 Manchester City |
+900 |
 Liverpool |
+1400 |
 Manchester United |
+2500 |
 Inter Milan |
+3000 |
 Atletico Madrid |
+4000 |
 Aston Villa |
+5000 |
 Borussia Dortmund |
+6500 |
Odds as of 9-13.
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Champions League odds market analysis & betting insight
Barcelona are the new Champions League favorites, but there isn't much separating the teams at the top.
Barca are +520, followed by Arsenal (+540), PSG (+560), and Bayern Munich (+600). Real Madrid are +700, so we basically have five teams bunched together at the top of the odds.
PSG are the one that catches my attention. The two-time defending champions were around +500 before the tournament started and have moved to +560. It's not a massive change, but we're now getting a slightly better price on PSG than we were before Matchday 1.
Barcelona have gone the other way and are now alone at the top. I'm not rushing to bet them at +520. There are still seven league-phase matches left before we even get to the knockout rounds, and I don't think we've learned enough yet to justify paying the shortest price on the board.
Manchester City at +900 are more interesting to me. There's a decent gap between Real Madrid at +700 and City at +900, then another big jump to Liverpool at +1400. If you still believe City belong with the top contenders, +900 is a much more appealing number than what you're getting on Barcelona, Arsenal, or PSG.
That's really where I'm at after Matchday 1. I'm not changing my opinion of these teams because of one result, but I am paying attention when those results give us a better price.
Barcelona are the favorites for now, but Arsenal, PSG, Bayern, and Real Madrid are all close enough that I don't think there's a clear team to beat yet.
2026-27 Champions League Format
The 2026–27 Champions League format introduces a league-style phase that significantly impacts betting markets and knockout projections.
- 36 teams compete in a single league format (no traditional groups)
- Each team plays 8 matches (4 home, 4 away) against seeded opponents
- 3 points for a win, 1 point for a draw
- Top 8 advance directly to the Round of 16
- Teams 9–24 enter a two-leg playoff for the remaining Round of 16 spots
- Knockout rounds follow a two-leg format, with the final decided in a single match at a neutral venue
The Champions League draw takes place on August 27, 2026, with the tournament starting on September 8, and the league portion wrapping up on January 27, 2026.
Past Champions League trends
To get ahead of the pack, there are a few trends that may help you when choosing your Champions League winner:
- Spanish clubs have won the most combined Champions Leagues of any country, with Real Madrid winning 15 and Barcelona winning five.
- Italian club Juventus has been to nine finals, only to lose seven times.
- Six different English teams have won the tournament, the most from one country.
Past Champions League winners
| Team | Year |
|---|---|
| PSG |
2026 |
| PSG |
2025 |
| Real Madrid |
2024 |
| Manchester City |
2023 |
| Real Madrid |
2022 |
 Chelsea |
2021 |
| Bayern Munich |
2020 |
| Liverpool |
2019 |
| Real Madrid |
2018 |
| Real Madrid |
2017 |
| Real Madrid |
2016 |
| Barcelona |
2015 |
| Real Madrid |
2014 |
| Bayern Munich |
2013 |
| Chelsea |
2012 |
| Barcelona |
2011 |
| Inter |
2010 |
| Barcelona |
2009 |
| Manchester United |
2008 |
 Milan |
2007 |
| Barcelona |
2006 |
| Liverpool |
2005 |
| ⚽ Porto | 2004 |
| Milan |
2003 |
| Real Madrid |
2002 |
| Bayern Munich |
2001 |
Odds are correct at the time of publishing and are subject to change.
Not intended for use in MA.
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Champions League Odds FAQs
Barcelona are the +520 favorites to win the Champions League.
Champions League odds tend to shift more dramatically once the knockout rounds begin, as matchups are confirmed and the path to the final becomes clearer. Home-and-away dynamics and draw difficulty play a larger role in pricing than regular-season form alone.
Betting early can offer value before the market fully adjusts to team strength and potential matchups, while betting later provides more certainty once paths and opponents are confirmed. The best timing often depends on whether a bettor is targeting long-term upside or reduced risk.
PSG won the Champions League in 2026, defeating Arsenal 4-2 on penalties.
Real Madrid have won a record 15 Champions League titles, including six over the past 11 seasons.
