The celebration in Paris hasn't even ended, and sportsbooks are already looking ahead to next season.
Fresh off a second straight Champions League title, PSG open the 2026-27 tournament as +500 favorites to complete a historic three-peat. Arsenal and Bayern Munich sit just behind at +600, while Manchester City and Barcelona remain firmly in the conversation.
Let's dive into the latest Champions League odds and see which clubs offer the most value heading into Europe's premier club competition.
Champions League Odds to win the tournament
| Team |  |
|---|---|
 Paris Saint-Germain |
+500 |
 Bayern Munich |
+600 |
 Arsenal |
+600 |
 Manchester City |
+700 |
 Barcelona |
+700 |
 Real Madrid |
+900 |
 Liverpool |
+1000 |
 Manchester United |
+1600 |
 Inter Milan |
+2800 |
 Atletico Madrid |
+3300 |
 Aston Villa |
+3300 |
 Napoli |
+3300 |
 Borussia Dortmund |
+4000 |
 Roma |
+5000 |
 RB Leipzig |
+5000 |
Odds updated on May 31, 2026
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Champions League odds market analysis & betting insight
Paris Saint-Germain deserve to be favorites.
After winning back-to-back Champions League titles, Luis Enrique's side have become the standard everyone else is chasing. Their blend of world-class talent, tactical flexibility, and big-match experience makes them the most complete team in Europe entering the new season.
That said, history is working against them.
Winning three consecutive Champions League trophies is one of the most difficult feats in club football, and every contender on the board will be targeting PSG. Bayern Munich, Arsenal, Manchester City, and Barcelona all possess the quality to challenge for the title, while clubs such as Real Madrid and Liverpool remain dangerous despite sitting slightly further down the odds board.
The question isn't whether PSG are capable of winning a third straight crown.
The question is whether any team in Europe can stop them.
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 |
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
PSG are the +500 favorites to win their third straight title, with Bayern Munich and Arsenal close behind at +600.
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.
