Bayern Munich have been backed to win successive Champions Leagues for the first time in almost half-a-century.
The holders, who defeated Paris St-Germain in Lisbon in August, have been installed as 4/1 joint favourites to retain their crown after today's group stage draw in Geneva.
Bayern were handed a mouth-watering clash with Atletico Madrid when they were drawn in Group A, but more straightforward clashes with RB Salzburg and Lokomotiv Moscow.
Bayern's victory over PSG at the Stadium of Light was the sixth time the German giants have claimed the famous trophy – but they haven't retained the European Cup since their controversial final success against Leeds United in 1975.
But Bayern have been joined by Manchester City at the top of the betting as a result of being handed the draw Pep Guardiola must privately have hoped for – FC Porto, Olympiacos and Marseille. City are also 4/1 .
Liverpool, the reigning world champions, Premier League champions and finalists in two of the last three Champions Leagues, will face Ajax for the first time competitively since 1966, the Italians of Atalanta and Danish minnows Midtjylland. They are third favourites at 17/4 .
There is a huge gap in the market then before PSG, last season's beaten finalists, are listed at 10/1 . The French giants landed this season's Group of Death with Manchester United, RB Leipzig and Istanbul Basaksehir.
As a result of landing that teak tough group United are 20/1 to lift the trophy for the first time since 2008.
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Chelsea, winners for the first time in 2012 when they beat Bayern Munich on penalties, are 18/1 after drawing Sevilla, Krasnodar and Champions League debutants Rennes.
While Atletico Madrid, who became the first team to win at Anfield for almost two years when they knocked the Reds out of last season's competition, are big outsiders at 20/1 – despite having added Luis Suarez to the squad which reached last season's quarter-finals.
Champions League outright betting 2020/21
Bayern Munich 4/1
Manchester City 4/1
Paris St-Germain 10/1
Real Madrid 12/1
Man United 20/1
Atletico Madrid 20/1
Borussia Dortmund 25/1
Inter Milan 25/1
(Prices correct as at October 1, 2020)
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