The UEFA Champions League returns next week as 36 of Europe’s elite clubs begin the long road to Madrid.
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The league phase of the 2026/27 competition gets underway on Tuesday, 8 September, with the eventual champions set to be crowned at Atletico Madrid’s Estadio Metropolitano on 5 June 2027.
But which nation will provide the winner?
Germany are available at 6.00, with Italy the outsiders of the five major European nations at 11.00.
We assess the leading contenders.
England – 2.50
Representatives: Arsenal, Aston Villa, Liverpool, Manchester City, Manchester United
England’s position at the top of the market isn’t difficult to understand.
No other country possesses a stronger combination of numbers and genuine title contenders.
Five Premier League clubs will compete in the league phase, led by Arsenal after the Gunners came agonisingly close to winning the competition last season.
Mikel Arteta’s men enjoyed a remarkable European campaign, becoming the first team to win all eight matches in the Champions League’s league-phase format before progressing all the way to the final.
They even led PSG in Budapest, only to concede in the second half and eventually suffer the heartbreak of a penalty shootout defeat.
That experience could prove invaluable this time around.
Then there’s Manchester City.
A new era has begun following Pep Guardiola’s departure, with former City assistant Enzo Maresca taking charge. Their 2022/23 Champions League triumph means City know exactly what is required to go all the way, although adjusting to life after Guardiola adds an element of uncertainty.
Liverpool remain European royalty. Their six European Cups make them England’s most successful club in the competition, while Manchester United return to Europe’s top table under Michael Carrick.
Aston Villa complete an impressive five-pronged English challenge.
The league-phase draw isn’t universally kind to them. Arsenal must visit Bayern Munich and Napoli and host Real Madrid, while Villa have Barcelona away and PSG at home.
Liverpool, however, appear to have a more manageable route on paper, and City’s schedule also offers opportunities to accumulate points.
The great strength of England at 2.50 is that you don’t have to identify which Premier League club will win.
Arsenal could finish the job after last season’s heartbreak. City could flourish under Maresca. Liverpool could make another deep European run. United could surprise, while Villa provide another live outsider.
With five chances and several genuine contenders, England deserve favouritism.
Spain – 3.00
Representatives: Barcelona, Real Madrid, Atletico Madrid, Real Betis, Villarreal
If any nation can match England for depth, it’s Spain.
Like the Premier League, La Liga sends five teams into the league phase, and its challenge is spearheaded by two clubs accustomed to lifting this trophy.
Real Madrid’s relationship with the European Cup needs little introduction.
No club comes close to their record 15 titles, and regardless of form, personnel or circumstances, Madrid are almost impossible to dismiss when Champions League knockout football arrives.
Barcelona offer an equally compelling case.
Hansi Flick’s side enter the campaign as back-to-back La Liga champions after also reaching last season’s Champions League quarter-finals.
With Lamine Yamal at the heart of their attack, Barcelona possess the individual quality required to beat virtually anyone in Europe.
Atletico Madrid add another serious contender. Diego Simeone’s side reached last season’s semi-finals before Arsenal edged them 2-1 on aggregate.
Real Betis and Villarreal provide Spain with further representation, even if either winning the entire competition would constitute a major surprise.
The difference between Spain and England may ultimately come down to depth among their leading contenders.
England arguably have more clubs capable of reaching the latter stages, but Spain can counter with Real Madrid’s extraordinary European pedigree, Barcelona’s quality and an Atletico side that was only two matches away from the final last season.
At 3.00, Spain are genuine rivals to the favourites.
France – 5.00
Representatives: Paris Saint-Germain, Lille, Lens
France presents a completely different betting proposition.
There are only three French clubs in the league phase.
But one of them happens to be the best team in Europe.
Paris Saint-Germain enter the season attempting to achieve something extraordinary: win a third consecutive Champions League title.
Luis Enrique’s men finally conquered Europe in 2024/25 and proved it was no one-off by retaining their crown last season.
Their second triumph required enormous resilience.
PSG finished only 11th in the league phase before navigating their way through the knockout rounds and eventually meeting Arsenal in Budapest.
After a 1-1 draw, Paris held their nerve to win 4-3 on penalties and become only the second club in the Champions League era to successfully defend the trophy.
They now have the opportunity to join Real Madrid as the only clubs to win three successive Champions League titles in the modern era.
PSG’s continued presence among the individual tournament favourites explains why France are as short as 5.00 despite having only three representatives.
Khvicha Kvaratskhelia remains a major weapon after being named Champions League Player of the Season in 2025/26, while Luis Enrique has built a team that has repeatedly demonstrated its ability to survive difficult knockout ties.
Lille and Lens provide additional French interest, but realistically, this bet largely comes down to one question:
Can PSG do it again?
If the answer is yes, 5.00 could look generous.
Germany – 6.00
Representatives: Bayern Munich, Borussia Dortmund, RB Leipzig, Stuttgart
Germany may be the most interesting alternative to the three market leaders. Four Bundesliga clubs enter the competition, but Bayern Munich carry much of the country’s title hopes.
Vincent Kompany’s side came extremely close last season.
Bayern reached the semi-finals and produced one of the ties of the tournament against PSG, losing an extraordinary first leg 5-4 before a 1-1 draw in Munich sent the eventual champions through 6-5 on aggregate.
Harry Kane remains the focal point.
The England captain enters the new European campaign having scored 33 Champions League goals in 38 appearances for Bayern and remains one of world football’s most reliable sources of goals.
Borussia Dortmund are also capable of making noise in Europe, while Leipzig and Stuttgart give Germany four opportunities to produce the champion. The concern is that the market relies heavily on Bayern.
Dortmund have demonstrated their knockout pedigree before, but compared with England’s group of contenders or Spain’s Real Madrid-Barcelona-Atletico trio, Germany’s strength in depth isn’t quite as convincing.
Still, Bayern were one result away from another Champions League final last season.
At 6.00, Germany cannot be ignored.
Italy – 11.00
Representatives: Inter Milan, Napoli, Roma, Como
Italy are the biggest price of the five nations, despite having four clubs in the competition. That immediately makes the 11.00 quote interesting.
Inter Milan lead the Italian challenge and have recent Champions League pedigree, while Napoli and Roma provide experienced European representation.
Como are the fascinating wild card.
However, the difficulty is identifying an Italian club with quite the same title credentials as PSG, Arsenal, Bayern, Barcelona or Real Madrid.
That doesn’t mean Italy can’t produce a deep run.
Italian teams have repeatedly demonstrated how difficult they can be to eliminate over two-legged knockout football, and Inter in particular cannot be discounted.
The opening round of fixtures will provide an immediate examination of the Serie A challenge.
Inter travel to Real Madrid on Matchday 1, while Napoli host Arsenal and Roma begin away against Fenerbahçe.
At 11.00, Italy offer by far the biggest potential return of the five major nations.
But the price reflects the fact that several other countries appear to possess stronger individual title candidates.
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