Barcelona lead the market after one round, the holders sit just behind them, and Como have already made some noise. Here's how the 2026/27 title race looks after matchday one.

Arsenal took 26 shots in Naples and scored once. Barcelona put five past Feyenoord, Bayern did the same to Bodø/Glimt, and PSG hit six.

One round into the 2026/27 Champions League, Sportsbet's outright market has Barcelona as favourites, with PSG and Arsenal locked together right behind them.

That order tells you plenty about how bookies weigh form against pedigree, and there's a full month until matchday two for the prices to settle.

Champions League 2026/27 Outright Market After Matchday 1

After the first 90 minutes of play - and a few unsurprising wins - Barcelona head the betting. PSG, chasing a third straight title, and Arsenal, the side they beat on penalties in last season's final, share second spot.

Bayern Munich and Real Madrid sit a fraction further back, as the Spaniards reflect on a relatively unconvincing win against Inter Milan.

After that, the market thins out quickly. Manchester City are the clear sixth pick, then Liverpool and Manchester United on the next rung. Inter and Atlético Madrid, both beaten on matchday one, find themselves out among the chasing pack.

For the latest Champions League odds and markets, check out our dedicated page here at Sportsbet.

But, before you do, let’s go for a quick refresher on what's at stake in the league phase.

All 36 teams play eight matches against eight different opponents.  

The top eight go straight through to the round of 16, while ninth to 24th head into the knockout playoffs in February. Anyone finishing 25th or lower is out.

If you are new to these competitions, our guide on how to bet on European soccer is worth a read before you dive in.

Barcelona: Champions League Favourites After a 5-1 Statement

Hansi Flick's side arrived in red-hot form, with 17 goals scored and just two conceded across their first four La Liga matches.

Then Raphinha scored inside two minutes against Feyenoord and the rout was on. If their Spanish form is guiding your thinking, our La Liga betting guide is a handy place to start.

Raphinha finished with a brace, and Karim Adeyemi, Lamine Yamal and Gabriel Jesus also got on the scoresheet. Feyenoord never looked like living with them.

The market has reacted by putting Barcelona on top, and it's hard to argue on current form. The league phase gets much tougher from here, though.

PSG, Manchester City, Aston Villa and Sporting are all still to come, which is a far harder run than the one facing Real Madrid.

PSG and Arsenal: Joint Second, Very Different Openers

PSG are the reigning back-to-back champions, and they played like it against Slovan Bratislava. Ferran Torres helped himself to a hat-trick, Ballon d'Or winner Ousmane Dembélé scored twice and set up two more, and the 6-1 scoreline flattered the visitors.

The worry sits at home. PSG have picked up just two points from their first three Ligue 1 games, and matchday two sends them to Manchester City in the pick of the round.

Arsenal's win in Naples was a different kind of performance.

They set a club Champions League record with 26 shots and more than four expected goals, yet it took Martin Ødegaard's strike 15 minutes from time to beat Napoli.

Some are already blaming Max Allegri’s infamous catenaccio and defensive tactics, but anyone who have watched the game knows Arsenal felt it played a different game - especially when the five subs came in.

A dominant away win at a Serie A giant is a strong signal, but converting those chances is the concern, because Bayern and Real Madrid are both still on Arsenal's league phase list. Lille visit the Emirates next.

Bayern Munich and Real Madrid: One Convincing, One Not

Bayern went in at half-time goalless against Bodø/Glimt, then scored five in the second half.

Michael Olise bagged two, Jamal Musiala and Alphonso Davies chipped in, and Harry Kane extended his Champions League scoring run to eight straight matches.

With Kane and Haaland both in this kind of form, it is worth seeing where they sit on the list of the most goals in football history.

The draw is the catch: Arsenal, Atlético Madrid and Manchester United all feature in Bayern's eight games, so their price will be tested in the months ahead.

Real Madrid got the result under José Mourinho, beating Inter 2-1 at the Bernabéu, but it wasn't pretty. Kylian Mbappé scored early, Thibaut Courtois did plenty of heavy lifting, and the home crowd let the players know about it.

Despite their underwhelming performance (helped by the devastating mistakes of Inter Milan’s defensive pack), their remaining schedule is the kindest of any of the top five in the betting.

Arsenal are the only true heavyweight left, alongside Roma, RB Leipzig, AEK Athens, PSV, LASK and Shakhtar Donetsk. All things considered, a top-eight finish looks very achievable.

Manchester City and Liverpool: New Managers, Winning Starts

Enzo Maresca picked up his first Champions League win as City boss thanks to an Erling Haaland double in Porto. The second goal drew Haaland level with Sergio Agüero's club record of 36 Champions League goals.

The performance was flatter than the scoreline. City dominated the first half without scoring, then took their foot off the gas and let Porto back into it.

That kind of drop-off won't fly against PSG at home on matchday two, and Barcelona and Napoli are still to come.

Liverpool came from behind to beat Atlético Madrid 2-1 at Anfield in Andoni Iraola's first Champions League game in charge.

Marcos Llorente scored early, Dominik Szoboszlai equalised on the stroke of half-time and Alexis Mac Allister smashed home the winner from distance.

Liverpool's draw looks generous. LASK, Villarreal, Fenerbahçe, Club Brugge, Porto and Lens make up most of the list, with Inter the standout test. If they keep winning, expect the market to tighten on them.

Manchester United: Priced on Reputation or Results?

United marked their first Champions League game in more than 1,000 days by thumping Sabah 4-0. Matheus Cunha, Bruno Fernandes, Benjamin Šeško and Lisandro Martínez scored, and Michael Carrick's side had it wrapped up by half-time.

The market rates United ahead of Inter and Atlético Madrid after that result. That's a big call off the back of beating one of the weakest sides in the competition.

Their matchday two trip to Atlético will say a lot more about where they really sit, and Bayern and Roma are still to come.

Inter and Atlético Madrid: Beaten but Not Buried

Both lost away at big clubs, and both ended up among the chasing pack.

Inter's defensive lapses at the Bernabéu will worry Cristian Chivu, although Carlos Augusto's late goal at least made Madrid sweat.

Atlético have an extra reason to stay in the conversation. The 2027 final is at their own Estadio Metropolitano on Saturday 5 June, and Diego Simeone's side host Manchester United on matchday two. Win that and the picture changes quickly.

Como and the Roughies to Keep an Eye On

Como made their debut in European competition and beat RB Leipzig 4-1: Cesc Fàbregas's side, who finished fourth in Serie A last season, were 3-0 up early in the second half through Martin Baturina, Anastasios Douvikas and Assane Diao before Máximo Perrone added a late fourth.

They sit well down the market in roughie territory, alongside Real Betis and Villarreal. Nobody expects Como to win the thing, but a top-24 finish now looks realistic, and PSG, Barcelona and Manchester United will all have to deal with them.

Aston Villa's 3-2 win at Club Brugge and Borussia Dortmund's 3-2 victory over Villarreal keep both in the mid-range bunch with Napoli and Roma. Napoli can count themselves lucky it was only one against Arsenal.

At the far end, Viking, Sabah, LASK and Slovan Bratislava sit among the longest shots on the board. That's about right.

Champions League Matchday 2: What's Next

Matchday two lands on 13 and 14 October UK time, which means early-morning kick-offs on Wednesday 14 and Thursday 15 October AEDT, so it is worth sorting out how and when to watch the Champions League.

Every match is live on Stan Sport in Australia.

Four fixtures could shake up the outright market:

• Manchester City vs PSG: the pick of the round, with the holders heading to the Etihad
• Atlético Madrid vs Manchester United: Atlético need a result, and United get the chance to prove the market right
• Galatasaray vs Barcelona: a hostile away trip for the new favourites
• Roma vs Real Madrid: Mourinho back in Rome, where he coached from 2021 to 2024