The 2023-24 UEFA Champions League knockout stage has completed all eight first-leg ties and to say it was pretty drab would be an understatement.
Through eight games, we saw just 14 goals, with Man City and PSG the only teams to score more than one goal.
However, we did see two first-leg upsets as Lazio got the better of Bayern Munich in Rome and Porto stunned Arsenal at the death to bring a slim 1-0 advantage back to London.
Join me as I break down the latest UEFA Champions League odds for the 2023-24 tournament.
2023-24 UEFA Champions League odds
Odds as of February 22, 2024.
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Favorites to win the 2023-24 Champions League
Manchester City (+157)
It was business as usual for Man City in the opening game of their Round of 16 tie vs. FC Copenhagen.
The defending Champions League winners made quick work of the Danish side winning 3-1 and never really looked threatened.
With the win, their UCL odds have shrunk to +152 ahead of their almost certain passage through to the quarterfinal.
Real Madrid (+428)
It wasn't pretty at times but Real Madrid was able to squeak by RB Leipzig with a 1-0 win in Germany thanks to a Brahim Diaz thunderbolt.
With the win, the tie shifts to Madrid with the Spanish giants holding a slender advantage.
Bayern Munich (+707)
Bayern Munich appears to be in a world of trouble.
After dropping a 3-0 decision on the weekend to league leaders Bayer Leverkusen, Bayern fell 1-0 to Lazio in a game where they did not register a single shot on target.
A return to the Allianz Arena should do wonders for Bayern, but their odds of winning the UCL have dropped significantly.
2023-24 Champions League Format
Matchday 1 of the Group Stage is set for Sept. 19-20, 2023. The sixth and final matchday is set for Dec. 12-13. The Round of 16 will begin on Feb. 13-14, 2024, with the drawing taking place on Dec. 18, 2023. The round will conclude on March 12-13, and on March 15, the quarterfinal draw will take place.
The home-and-home quarterfinals will be played on April 9-10 and April 16-17, and the home-and-home semifinals on April 30 to May 1 and May 7-8. The winner-take-all Champions League Final will be held at Wembley Stadium on June 1.
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 14 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
Understanding Champions League odds
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 +250
This means that on a $100 bet, you'll stand to win $250 if Bayern wins the Champions League. If it's close to the end of the tournament you might see that a team is 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
Man City won the Champions League last season, defeating Inter 1-0.
Real Madrid have won a record 15 Champions League titles, including six over the past 11 seasons.
Five teams stood out as the biggest favorites after the group stage: Manchester City, Bayern Munich, Liverpool, Chelsea, and Paris Saint-Germain.