Paris Saint-Germain have emerged as the favourites to make history in the 2026/27 Champions League, with bookmakers backing the French club to become only the second side ever to win three consecutive European titles, following in the footsteps of Real Madrid's remarkable run that concluded in 2018.
The Parisians, who lifted the trophy in both 2025 and 2026, are currently priced at around 11/2 by most major UK bookmakers to complete the historic treble, though some operators have them as short as 9/2. Standing in their way will be a host of Europe's traditional powerhouses, all determined to prevent PSG from etching their name further into Champions League folklore.
Arsenal represent one of the most intriguing contenders this season. Having ended a lengthy wait for Premier League silverware, the north London club will be desperate to go one step further than last season, when they fell to PSG in the final. That defeat has clearly sharpened their appetite, and bookmakers rate them among the leading challengers for the 2026/27 crown.
Real Madrid, the competition's most decorated club with 15 European Cup and Champions League triumphs, also feature prominently in the winner's market. Their prospects have been boosted by the arrival of Jose Mourinho, who returns to the club having previously guided two different teams to Champions League glory during his managerial career. Barcelona and Bayern Munich complete the group of sides most heavily fancied by punters and betting sites alike, ensuring this year's race looks set to be a genuinely open contest rather than a straightforward two- or three-team affair.
This season's final will take place at the Metropolitano Stadium in Madrid, home of Atletico Madrid, at the start of June, giving whichever club triumphs a fitting stage for their moment of glory.
Attention will also turn to the race for the competition's individual scoring crown. Kylian Mbappe claimed the Golden Boot last season with 15 goals in 11 appearances for Real Madrid, an achievement made all the more notable given his side's exit at the quarter-final stage. Bayern Munich's Harry Kane finished just one goal behind on 14, despite going out at the semi-final stage himself. The Golden Boot was Mbappe's second, having previously shared the honour with Kane in the 2023/24 campaign when both players finished on eight goals apiece. Looking back over the last decade, the average tally for the top scorer sits between 12 and 13 goals, with totals ranging from a low of eight goals in 2023/24 to a high of 16, set by Cristiano Ronaldo back in 2015/16.
Beyond the outright winner and top scorer markets, bettors also have the option of wagering on which club will top the newly formatted 36-team league phase table, a separate market from the outright winner odds since topping the table does not guarantee ultimate success in the competition. Additionally, there is a market focused on which sides will finish in the top eight of the league phase and progress directly to the round of 16, bypassing the knockout play-off round reserved for teams finishing between 9th and 24th. Clubs placing 25th to 36th will be eliminated altogether.
With 144 league phase fixtures scheduled between September and January, followed by knockout rounds building toward the June final, this season promises to deliver plenty of drama both on the pitch and in the betting markets. Analysts note that outright prices tend to offer the best value before the league phase begins, with odds typically sharpening as the competition progresses and more data becomes available to inform predictions.
Based on reporting from Standard Football.