Real Madrid turned back the clock on an aging squad and blitzed their way to the Champions League crown in 2021/22. Here at the Sporting News, we saw it coming.
Still, no champion lasts forever, and the top European club tournament is now in full swing for the 2022/23 season. We’ve seen a host of contenders and pretenders throughout the past few months.
The Thursday, August 25 group-stage draw saw Manchester City and Paris Saint-Germain, two teams never to win the competition, labeled as favourites, but the two enjoyed very different fates. While PSG were ousted early in the knockout stage, Man City are now into the semifinals and still considered the most likely team to lift the trophy.
Defending champions Real Madrid could add to their record 14 triumphs in this competition if they can manage to repeat, now into the semifinals. Liverpool and Bayern Munich were thought poised for another deep run, but have fallen short.
The Sporting News brings you a look at the latest odds as they stand today ahead of the semifinals, and our picks from after the group stage are displayed below as well.
MORE: Which teams are in the 2022/23 UEFA Champions League?
Who will win the 2023 Champions League? Latest odds
After downing Bayern Munich in dominant fashion, Manchester City remain in the lead as bookmakers expect the Premier League side to come out on top, despite drawing Real Madrid in the semifinal bracket.
As they were last year, defending champions Madrid continue to be underserved, as Los Blancos sit at +350 odds to repeat as title winners. Last season, they progressed through the tournament continually despite oddsmakers continuing to see them lag behind other perceived favourites.
Both Italian clubs Inter Milan and AC Milan have long odds of +650, but one of them is guaranteed to reach the final as the two bitter rivals will meet in the semifinals.
Odds as of April 19, 2023 following semifinal matches.
| Man City | Real Madrid | Inter Milan | AC Milan | |
| BetMGM (USA) |
-150 | +350 | +650 | +650 |
| Sports Interaction (Canada) |
-149 | +350 | +693 | +783 |
| SkyBet (UK) |
4/6 | 7/2 | 6/1 | 15/2 |
| Neds (Australia) |
1.67 | 4.50 | 7.50 | 8.00 |
| Dafabet (India) |
1.70 | 4.50 | 7.50 | 9.00 |
Odds to win at start of group stage
Manchester City and PSG were the bookies’ favourites to win the 2022/23 Champions League following the draw for the group stage. Liverpool and Bayern Munich were next, with odds-makers not quite able to agree which side has the better chance of going all the way. Behind them come Spanish giants Real Madrid and Barcelona, and London rivals Chelsea and Tottenham Hotspur.
Juventus had the shortest odds among Italian sides, who last won this competition through Inter Milan in 2010.
Odds as of Aug. 25, 2022, prior to group stage start.
| Team | Country | Odds to Win USA (DraftKings) |
Odds to Win UK (SkyBet) |
Odds to Win Canada (Sports Interaction) |
Odds to Win Australia (TAB) | Titles (Last) |
|---|---|---|---|---|---|---|
| Man City | England | +275 | 5/2 | 2.53 | 3.50 | — |
| PSG | France | +400 | 5/1 | 4.08 | 6.00 | — |
| Bayern Munich | Germany | +500 | 13/2 | 4.91 | 7.50 | 6 (2020) |
| Liverpool | England | +550 | 11/2 | 4.53 | 6.50 | 6 (2019) |
| Real Madrid | Spain | +850 | 9/1 | 6.45 | 10.00 | 14 (2022) |
| Tottenham | England | +1400 | 14/1 | 10.30 | 15.00 | — |
| Chelsea | England | +1400 | 16/1 | 10.54 | 17.00 | 2 (2021) |
| Barcelona | Spain | +1400 | 16/1 | 11.37 | 21.00 | 5 (2015) |
| Atletico Madrid | Spain | +2500 | 25/1 | 19.37 | 29.00 | — |
| Juventus | Italy | +2800 | 25/1 | 23.06 | 41.00 | 2 (1996) |
Best bets to win the 2023 Champions League
All odds via Sports Interaction. Picks made on Aug. 25, 2022, prior to group stage start.
Favorite: Man City (2.53 on Sports Interaction)
It’s hard to look away from Manchester City as the favorite to win the title. The Citizens have dominated the Premier League, winning four of the last five league titles, but they’ve fallen short in European play. This might be the season that changes.
Still searching for their first Champions League title, Pep Guardiola added forward Erling Haaland (below), who could become the difference-maker Man City need to push them over the hump. City have reached at least the semifinals in each of the last two seasons, but will need more of a cutting edge to top the podium. Haaland will face old club Borussia Dortmund in what is a relatively kind group for City that also comprises Sevilla and FC Copenhagen.
The biggest knock on past Man City teams is that it is built for a long domestic season instead of a tournament setting where the margins are thin. With Haaland and a few other new pieces, that may no longer be the case. It’s only a matter of time before Man City finally get their hands on the trophy.
Sleepers: Barcelona (11.37 on Sports Interaction), Tottenham (10.30 on Sports Interaction)
Barcelona seemed to fall off a cliff through the first half of last season, dumped out of the Champions League group stage before Xavi arrived to steady the ship. This summer, the Blaugrana have shuffled the deck, bringing in top talent across the starting lineup in a hope of returning to be a contender for a trophy they last one in 2015.
It starts with Robert Lewandowski up front supported by Raphinha on the wing and former Chelsea center-back Andreas Christensen anchoring the defense. Ex-AC Milan star Franck Kessie could win a starting spot over time. Meanwhile, Ousmane Dembele, who is fresh off a new contract, looks eager to show why he can be a leader of this new-look Barcelona.
Barca were handed an undeniable ‘Group of Death’ alongside Bayern Munich, Inter Milan and Viktoria Plzen, which explains the fact their odds have lengthened. Still, emerge from that pool, and they will take some stopping.
Tottenham, meanwhile, also have one of Europe’s best front lines. Harry Kane and Son Heung-min are on of the continent’s best one-two punches, while Dejan Kulusevski looks like the signing of the 2022 winter transfer window. New arrival Richarlison adds to the mix in a devastating four-headed monster.
Spurs are back in the Champions League after a brief two-year hiatus, and they could scarcely have asked for a kinder draw: they will contest Group D alongside Eintracht Frankfurt, Sporting CP and Marseille. The onus is now on Antonio Conte to improve on his relatively poor record as a coach in the competition.
MORE: Barcelona squad, transfers and shirt numbers for 2022/23 season
Overhyped: Chelsea (10.54 on Sports Interaction)
The Blues are in a challenging situation, teetering on a potential dip out of the Premier League’s top-tier clubs. A poor preseason performance was punctuated by a host of departures and a slower-moving transfer window when it comes to incoming players.
The losses of Antonio Rudiger, Romelu Lukaku, Andreas Christensen, Malang Sarr, and Timo Werner have not all been adequately replaced. Raheem Sterling is a positive addition, while big money was splashed for Kalidou Koulibaly and Marc Cucurella, but it’s yet to all come together.
Up front especially, there are still significant deficiencies. Head coach Thomas Tuchel (below) seems insistent on playing his style of football despite the squad barely fitting the tactical needs of his 3-4-2-1 setup. Christian Pulisic is underutilized and apparently in the manager’s doghouse, and the chemistry between Mason Mount and Kai Havertz still seems to lack punch.
Until they put it together and execute a significant summer overhaul, Chelsea cannot be considered contenders, although a group consisting of AC Milan, FC Salzburg and Dinamo Zagreb is one from which they should qualify. It could get worse before it gets better, especially if Tuchel continues to publicly complain about the state of affairs.
Lots to prove: Paris Saint-Germain (4.08 on Sports Interaction)
PSG once again look like one of the top clubs in Europe on paper. So far, that’s all they’ve been in the Champions League — good on paper. Over the last few years, at the slightest sign of adversity, PSG have capitulated.
There have been rumors of front office in-fighting for years at PSG, and it took other-worldly money to get Kylian Mbappe to delay his Real Madrid dreams. Last season, injuries and poor form saw the likes of Neymar and Lionel Messi struggle to match expectations, and coach Mauricio Pochettino watched his side crumble against Real Madrid.
PSG may have a great squad, but until they can operate as a true team, from the players to the manager to the executive leadership, there’s no sensible way to back the Parisian side. There have been glimpses of a more rounded side under Christophe Galtier this season, but the rumbling dispute between Mbappe and Neymar could damage the morale of the squad. A group composed of Juventus, Benfica and Maccabi Haifa has its pitfalls, too.
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Champions League fixture schedule 2022/23
The Champions League campaign will essentially consist of two parts. The group stage before the World Cup, and the knockout rounds when the tournament resumes in February.
The Champions League final takes place on June 10 in Istanbul, Turkey.
Group Stage (32 teams, played in 2022):
- Matchday 1: Sept. 6-7
- Matchday 2: Sept. 13-14
- Matchday 3: Oct. 4-5
- Matchday 4: Oct. 11-12
- Matchday 5: Oct. 25-26
- Matchday 6: Nov. 1-2
Knockout Stage (played in 2023):
- Rd. of 16: Feb. 14/15 & 21/22 (Leg 1) & Mar. 7/8 & 14/15 (Leg 2)
- Quarterfinals: April 11-12 (Leg 1) & April 18-19 (Leg 2)
- Semifinals: May 9-10 (Leg 1), & May 16-17 (Leg 2)
- Final: June 10
MORE: When and where is the 2023 Champions League final?
Champions League draw dates in 2022/23
The draw to set all eight groups took place on Aug. 25. All six matchdays in the group stage will be completed before the break for the 2022 World Cup, as will the knockout round draw which is scheduled for Nov. 7.
Champions League 2022-23 draws
- Group stage: Aug. 25, 2022
- Round of 16: Nov. 7, 2022
- Quarterfinals & semifinals: Mar. 17, 2023