Champions League Winner Odds 2026/27: Outright Favourites

Jul 21, 2026

PSG defend their crown as Champions League favourites for 2026/27, with Arsenal, Bayern and Barcelona leading the chase. Here's my guide to the Champions League winner odds — the favourites, the dark horses, the English contenders and where to bet.

The 2026/27 Champions League begins with holders PSG installed as favourites, but a familiar chasing pack — led by beaten 2026 finalists Arsenal and a resurgent Bayern Munich — is lining up behind them. Here’s my full guide to the Champions League winner odds: the outright favourites, the dark horses, the English contenders Australian punters will follow, and how to approach the market before the league-phase draw.

Looking at the domestic picture too? See our Premier League title odds. For last season’s finale, here’s the 2026 Champions League final result.

🏆 Champions League favourites 2026/27: PSG head the market as holders, just ahead of Arsenal and Bayern Munich, with Barcelona, Manchester City, Liverpool and Real Madrid the leading contenders. Inter, Atlético, Napoli and Borussia Dortmund lead the dark horses.

Champions League winner odds 2026/27 — the market tiers

Rather than quote prices that shift daily, here’s how the bookmakers rank the outright market. For live Champions League odds, check Ladbrokes, Neds or bet365.

Tier	Clubs
Favourites	PSG, Arsenal, Bayern Munich
Leading contenders	Barcelona, Manchester City, Liverpool, Real Madrid
Dark horses	Inter, Atlético Madrid, Napoli, Borussia Dortmund
Outsiders	The rest of the 36-team league phase

The contenders

PSG — the holders

PSG go again as the team to beat after lifting the trophy in 2026, and the market makes them the outright favourites. A settled, star-laden squad and the confidence of a European champion is a powerful combination.

Arsenal & Bayern Munich — the closest challengers

Arsenal were beaten finalists in 2026 and are priced accordingly — the market clearly rates them the leading English hope. Bayern Munich, as ever, are a perennial force and share second-favouritism.

Barcelona, Manchester City, Liverpool & Real Madrid

The next tier is stacked: Barcelona, Manchester City, Liverpool and Real Madrid are all genuine winners on their day. For Australian punters, the English trio of Arsenal, City and Liverpool are the natural follows — all three carry real credentials again this season.

The dark horses

Inter, Atlético Madrid, Napoli and Borussia Dortmund head the second wave — the kind of sides who can reach the latter stages and provide each-way value at a much bigger price than the favourites.

Champions League top scorer odds

The Champions League top-scorer market opens closer to the league phase, once squads and likely minutes are settled. As a rule it favours the main strikers at the deepest sides — the PSG, Bayern, Barcelona, City and Liverpool front men who are guaranteed the most games. We’ll add the top-scorer market here once the bookmakers post it.

How to bet the Champions League outright

Each-way and “to reach the final”: with a big field, each-way outright bets and “to reach the final” markets are a popular way to back a contender without needing them to win it all.

Bet before the league-phase draw: outright prices are typically longest before the draw and the group picture firm up, so pre-season and pre-draw is often the value window.

Follow the English angle: for AU punters, Arsenal, Manchester City and Liverpool offer the most familiar form lines — and all three are live contenders.

Where to bet on the Champions League

For live Champions League winner, each-way and to-reach-the-final markets, Ladbrokes, Neds and bet365 all price the competition deeply. Compare offers via our best soccer betting sites and best betting sites in Australia guides.

Champions League winner odds — FAQ

Who is favourite to win the Champions League in 2026/27?

Holders PSG are the outright favourites, just ahead of beaten 2026 finalists Arsenal and Bayern Munich. Barcelona, Manchester City, Liverpool and Real Madrid are the leading contenders.

Which English teams can win the Champions League?

Arsenal are the shortest-priced English side after reaching the 2026 final, with Manchester City and Liverpool also genuine contenders in the market.

When is the best time to bet on the Champions League winner?

Outright prices are usually longest before the league-phase draw and shorten as the knockout picture forms, so the pre-draw window is often best value.

Where can I bet on the Champions League?

Ladbrokes, Neds and bet365 all offer Champions League outright, each-way and to-reach-the-final markets. See our best betting sites in Australia guide for current offers.