Holders Real Madrid started the UEFA Champions League campaign much-fancied to retain their title, but a 1-0 defeat at French side Lille in Week Two of the league phase has seen their price ease a little.
Los Blancos had not previously lost a UEFA Champions League game since being thumped 4-0 in the second leg of their semi-final with Manchester City in May 2023.
It is the Citizens who have the mantle as market leaders, having opened their campaign with a goalless draw at home to Inter Milan, followed by a 4-0 win away at Slovan Bratislava.
Manchester City - 3.75
Real Madrid - 4.33
Arsenal - 9.00
Bayern Munich - 10.00
Liverpool - 11.00
Barcelona - 13.00
Man City were 3.00 to win the UEFA Champions League before the new-look league phase got underway and they have drifted to 3.75 after a win and a draw.
A hard-fought goalless draw at home to Italian champions Inter was a solid start, while a comfortable win in Slovakia proved little in the overall stakes.
Star striker Erling Haaland found the net in Bratislava and his performances are sure to be key, especially as influential midfielder Rodri has been ruled out for the season by a serious knee injury.
The Citizens have reached at least the quarter-finals in each of the last seven seasons, including claiming their first-ever title in 2023.
Losing 1-0 away at Lille may not seem too serious for Real Madrid on its own, but they have a run of tough league phase fixtures coming up and will need to be at their best to ensure automatic qualification with a top-eight finish.
Real are now 1.33 to secure a top-eight spot in the league phase standings, with both City and Arsenal ahead of them, while they are 4.33 to retain their European crown.
That can be explained by the fact that Real face a repeat of last season’s final with Borussia Dortmund in their next game, before hosting AC Milan and then making testing trips to Liverpool and Atalanta.
Arsenal lie third on the outright market at 9.00, having opened the league phase with a 0-0 draw at Atalanta and a 2-0 home win over PSG, in which Kai Havertz scored the opener.
The German has found the net in four successive games and he is key to the Gunners’ chances of a first-ever UEFA Champions League triumph, with coach Mikel Arteta opting to play without an out-and-out striker.
Next up comes a home clash with Shakhtar Donetsk, before away games at Inter Milan and Sporting Lisbon which will surely give us a much clearer picture of just how strong a candidate for overall glory the Londoners are.
Bayern Munich are 10.00 to win the UEFA Champions League after the opening two weeks of games in the league phase, ahead of Bundesliga rival Bayer Leverkusen (17.00) and Dortmund (26.00).
They opened up with a stunning 9-2 win at home to Dinamo Zagreb, but a 1-0 loss away at Aston Villa on their next outing suggested that Bayern have some way to go to be strong contenders for the overall crown.
That loss in England was sandwiched in between league draws against Leverkusen and Eintracht Frankfurt, leaving new head coach Vincent Kompany with plenty to work on.
Liverpool are one of six teams to have begun the UEFA Champions League league phase with victories in their first two games, as new head coach Arne Slot has seamlessly taken over from Jurgen Klopp.
The Reds are now 11.00 in the overall market, while they are 5.50 to top the league phase standings, with their fixture list not looking quite as tough as several of their main rivals.
Visits from Bayer Leverkusen and holders Real are their next two opponents, but both games are at Anfield and home advantage is a giant factor in why Slot's reds have strong hopes of a seventh European crown.
Another team with a new man at the helm are Barcelona and German Hansi Flick has already made a strong impression with the Catalan giants.
Barca are now 13.00 to win the UEFA Champions League this season, having opened their bid for glory with a 2-1 loss at Monaco before defeating Young Boys 5-0, with Robert Lewandowski scoring twice.
The veteran Polish striker already has 12 goals in 11 appearances to his name this season and the impending return to the Nou Camp may offer a further boost for a side chasing a sixth UEFA Champions League title.