The decider will take place on Wednesday, May 6, with kick-off scheduled for 06:00 AEST, with the winner advancing to the UEFA Champions League final, where they'll take on either Bayern Munich or PSG in Budapest, Hungary.

Quick Picks

Our pick: Arsenal to win

Value bet: 'Over 2.5 goals'

Long shot: Both Teams Score No Draw

Betting Preview

Indeed, it was a very different encounter to the MW3 Group Phase game in which Arsenal won 4-0 at home.

The first leg featured a number of golden opportunities for both teams to take an advantage into the second leg in England, but neither could as they had to rely on a penalty each to find the back of the net.

Viktor Gyökeres arguably played his best game for the Gunners since joining them as he won the penalty after being fouled and dispatched it beyond Jan Oblak, who may have felt he should have saved it.

Atletico were then awarded their own penalty with a harsh handball decision on Ben White after the ball bounced up from his shin. Los Rojiblancos didn't care, as Julian Alvarez stepped up and smashed the ball past David Raya.

Antoine Griezmann played in his final UCL game at home ahead of his move to Orlando City and hit the crossbar before almost finding the net with a wicked volley moments later. Ademola Lookman should have scored a couple on the night but failed.

Arsenal initially had a second penalty after the referee pointed to the spot, but it was overturned by VAR. The English side would have been right to feel aggrieved.

Betting Markets to Watch

Arsenal are big pre-match favourites to win the second leg, given the 4-0 victory earlier in the season. Atletico haven't been great on their travels, especially when heading to England (lost to Arsenal, Tottenham, and Liverpool).

The goals market offers value worth exploring beyond the moneyline, despite the perceived one-sidedness of the odds. It's worth recognising that the 'Over 2.5 Goals' market has hit in each of Atlético Madrid's last 11 Champions League betting Tuesday matches.

By extension, we think the BTTS hitting also offers value, as both teams showed attacking intent in the first leg. This market has not hit in each of Arsenal's last six Champions League Tuesday home matches, but the stakes of this semi-final should encourage more open play.

Our Prediction

Check the latest Arsenal vs Atletico Madrid betting odds at Sportsbet.

We think Arsenal will be likely winners, given their unbeaten status in the UCL this season and Atletico's poor form in England. The Gunners have been formidable at the Emirates, and punters looking at soccer betting options should consider the home side's dominance.

If you're looking for a long shot bet offering value, we think the 'Yes' in the 'Both Teams Score No Draw' market offers value, as both teams will want to win in 90 minutes. For those wanting to learn more about betting on European club competitions, our UCL betting guide breaks down the key markets and strategies.