The first legs of the Champions League knockout round delivered chaos — statement wins, surprise slips, and just enough drama to shake the Champions League odds board again.
Prices tightened at the top, drifted on the vulnerable giants, but it is Arsenal who remain the betting favorites.
Latest Champions League Odds to win the tournament
Below are the latest Champions League title odds, reflecting current form, projected knockout paths, and sportsbook pricing.
| Team |  |
|---|---|
 Arsenal |
+400 |
 Bayern Munich |
+500 |
 FC Barcelona |
+750 |
 Manchester City |
+800 |
 Paris Saint-Germain |
+700 |
 Real Madrid |
+1000 |
 Liverpool |
+900 |
 Chelsea |
+1600 |
 Inter Milan |
+3300 |
 Tottenham Hotspur |
+3300 |
 Atletico Madrid |
+3300 |
 Newcastle United |
+3300 |
 Borussia Dortmund |
+6600 |
Odds updated: February 19, 2026
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Champions League odds market analysis & betting insight
There is still plenty to play for among the eight knockout round fixtures, but the chaos we've already seen has reshaped the futures board.
Bodo/Glimt's 3-1 win over Inter Milan has the Italian giants' odds lengthening, despite a home date in the return fixture.
Real Madrid's slim 1-0 win over Benfica gives Los Blancos a slender lead, but failed to move the needle in the futures market.
Dortmund were the big market movers, shortening from +8000 to +6600 after a convincing 2-0 win over Atalanta.
Champions League playoff round fixtures
Below are the playoff fixtures for teams who finished 9-24. The higher seed gets to play the second leg at home.
- Real Madrid (9) vs Benfica (24)
- Inter (10) vs Bodo/Glimt (23)
- PSG (11) vs Monaco (21)
- Newcastle (12) vs Qarabag (22)
- Juventus (13) vs Galatasaray (20)
- Atl. Madrid (14) vs Clube Brugge KV (19)
- Atalanta (15) vs Dortmund (17)
- Bayer Leverkusen (16) vs Olympiacos Piraeus (18)
2025-26 Champions League Format
The 2025–26 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 took place on August 28, 2025, and the tournament started on September 16, with the league portion wrapping up on January 28, 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 |
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 |
How Champions League odds work
These odds are constantly adjusted throughout the summer as players get hurt, suspended or transfer. Once the season begins, title odds will change as teams win and lose games and as more players get hurt or are suspended. Sportsbooks will also adjust the Champions League odds based on handle and liability to certain teams.
Champions League odds will usually look like this:
- Bayern Munich +1000
This means that on a $100 bet, you'll stand to win $1000 if Bayern wins the Champions League. If it's close to the end of the tournament, you might see that a team has a minus sign (-) ahead of its odds.
- Barcelona -120
This means that you would need to bet $120 to win $100 on a Barcelona championship.
Above, we have posted the American odds for the Champions League. However, these are easy to convert to decimal odds or fractional odds with our odds converter tool.
Champions League Odds FAQs
Arsenal lead the betting market following a dominant league-phase run, but Bayern Munich, Manchester City, and PSG remain close behind, with bookmakers signaling little separation among the top contenders.
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 2025, defeating Inter Milan 5-0.
Real Madrid have won a record 15 Champions League titles, including six over the past 11 seasons.
