The UEFA Champions League is back, with a brand new champion.
For years, the knock on PSG was that their dominance in Ligue 1 left them undercooked for Europe’s biggest nights. But that old storyline doesn’t hold water anymore.
2024/25 was their year — finally. From storming back to beat Manchester City 4-2 after trailing 2-0, to ousting Liverpool, Aston Villa, and Arsenal in a tough knockout run, Luis Enrique’s side proved last season they’ve got the steel to match the style. Their Champions League triumph was no fluke: it was earned.
But defending the crown is another beast entirely. With this season's competition already underway — the 2025/26 qualifiers begun on July 8 with the group-stage draw on August 28 — the contenders are shaping up to seize the crown, but who has the quality to go all the way?
MORE: Latest Champions League News | Champions League standings 2025/26
Champions League 2025/26 latest odds and betting
Here's the latest odds for the Champions League winners and other markets, courtesy of Bet365.
All odds are correct at time of publish, but subject to change — although check back regularly for updates as we track the market movers as the season progresses.
Champions League winner odds 2025/26
Team | Odds |
Barcelona | 11/2 |
Paris Saint-Germain | 11/2 |
Arsenal | 6/1 |
Liverpool | 13/2 |
Real Madrid | 9/1 |
Bayern Munich | 9/1 |
Manchester City | 10/1 |
Chelsea | 16/1 |
Inter Milan | 25/1 |
Napoli | 28/1 |
Newcastle United | 28/1 |
Tottenham Hotspur | 33/1 |
Atletico Madrid | 40/1 |
More: 2025/26 Champions League draw - league phase fixtures
Champions League 2025/26 odds to reach final
Team | Odds |
Barcelona | 5/2 |
PSG | 5/2 |
Arsenal | 11/4 |
Liverpool | 3/1 |
Real Madrid | 9/2 |
Man City | 9/2 |
Bayern Munich | 9/2 |
Chelsea | 15/2 |
Inter Milan | 12/1 |
Napoli | 14/1 |
Newcastle | 14/1 |
Atletico Madrid | 16/1 |
Tottenham Hotspur | 16/1 |
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Champions League 2025/26 winning nationality
Here are the latest odds for this season's Champions League winning nationality.
Winning Team Nationality | Odds |
England | 21/20 |
Spain | 12/5 |
France | 5/1 |
Germany | 11/2 |
Germany | 15/2 |
Any other nation | 14/1 |
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Champions League 2025/26 predictions
Given their dominance last season, it's understandable that PSG start the 2025/26 campaign as the favourites, but punters beware... Since AC Milan’s run in the late 1980s, only Real Madrid between 2016 and 2018 have managed to win back-to-back Champions League titles.
Repeating is rare, and with Europe’s heavyweights spending big, the road ahead is only getting tougher for the French side.
Much will depend on who does what in the transfer market over the course of the season, but the good news for PSG is that they have a stable core.
The main challenge for Luis Enrqiue's side this year will be staying a step ahead tactically. Rivals have had a season to study them under the new format, and they’ll be back wiser — and hungrier.
Whether PSG can evolve and keep the upper hand will define their legacy, but don't rule out a resurgence for Real Madrid under new coach Xabi Alonso either.
This is Real, after all. Serial winners.
From the Premier League, Liverpool still look the best equipped to go deep into the competition, and the bookies agree, marking them out among the early favourites. The Reds' substantial business in the transfer window strengthens their position as potential winners, while Manchester City's overhaul also shapes their likely chances.