Champions League betting: Reigning champ Real Madrid isn't among the top 4 favorites

Defending Champions League winners Real Madrid are not among the top three favorites to win the 2022-23 Champions League.

Madrid took home the title in May with a win over Liverpool as the Reds fell short in their quest to win all three major tournaments they participated in. Liverpool won the FA Cup and Carabao Cups in England as they played in every single game possible over the course of the 2021-22 season.

Liverpool also fell short in its quest to win the EPL title. The Reds lost out to Manchester City and the Citizens are the favorites for both this season’s EPL title and the Champions League. City enters the Champions League at +200 at BetMGM to win the tournament after it was eliminated by Real Madrid in last season's tournament.

Man City has never won the Champions League as manager Pep Guardiola chases the only thing that’s eluded him in his time at City. The team signed star striker Erling Haaland ahead of the season and he’s already bagged 10 goals in just six league games. Haaland looks likely to be the top scorer in the Champions League.

Karim Benzema of Real Madrid shooting to goal during the UEFA Champions League Semi Final Leg Two match between Real Madrid and Manchester City at Estadio Santiago Bernabeu on May 4, 2022 in Madrid, Spain. (Photo by Jose Breton/Pics Action/NurPhoto via Getty Images)

Paris Saint-Germain is the No. 2 favorite at +500. PSG last made the Champions League final in 2020 when it lost to Bayern Munich.

The German giants are tied with Liverpool at +600 to win the Champions League. Bayern signed Liverpool’s Sadio Mane in the offseason as Polish striker Robert Lewandowski went to Barcelona.

Real Madrid is at +1000 as it looks to win its fifth Champions League title over the last 10 seasons. Madrid’s 14 Champions League titles are twice as many as second-place AC Milan. Bayern and Liverpool would each tie Milan’s seven Champions League titles with a win in the final.

Here are the favorites to win the Champions League. The tournament gets an early start this season thanks to the upcoming World Cup as group stage games begin Tuesday.

Champions League favorites

  • Manchester City (+200)

  • PSG (+500)

  • Liverpool (+600)

  • Bayern Munich (+600)

  • Real Madrid (+1000)

  • Barcelona (+1400)

  • Tottenham (+1400)

  • Chelsea (+1600)

  • Atletico Madrid (+2800)

  • Juventus (+2800)