Betting Special: Who are the favourites to win the Champions League?

Arsenal's odds plummeted after drawing Bayern Munich, while Real Madrid edged into second place odds-wise with their clash against Schalke in the distance
Monday's Champions League draw contained many eye-catching fixtures and shook up the odds market to leave an interesting mix, but plenty of value for the confident punter.
Champions League winner (bet365)
Bayern 9/4 9/4
Barcelona 9/2 11/2
Real Madrid 5/1 4/1
Man City 12/1 16/1
Dortmund 12/1 12/1
PSG 14/1 12/1
Atletico 14/1 14/1
Chelsea 14/1 12/1
Man Utd 16/1 14/1
Arsenal 18/1 28/1
AC Milan 40/1 50/1
Galatasaray 100/1 200/1

Pre-draw favourites Bayern Munich did not see their odds waver a jot and remained bet365's far-and-away leaders odds-wise at 9/4 (3.25) after being drawn against Arsenal.

Gunners fans or those who believe Arsene Wenger can finally go all the way to win the European cup have been handed a gift, though: Arsenal's odds were slashed from 18/1 (19.0) to 28/1 (29.0) after being pitted against the reigning champions.

Another Premier League side to see their odds rise - albeit not by as much - were Manchester City after being drawn against the mighty Barcelona. Although not quite as imperious in the past 12 months, the likes of Lionel Messi can cause any defence in the world worries. Manuel Pellegrini's men are now 16/1 (17.0) to win the tournament, a fair bit behind Barca's 11/2 (6.50).

One of the more intriguing rises in odds is AC Milan's, which went up to 50/1 (51.0) despite them getting what many might have considered an easier draw in Atletico Madrid. However, La Liga watchers will know that Diego Simeone's men have been phenomenal this season and their 14/1 (15.0) could be a great outside shout considering their record in cups in recent years and Milan's propensity to get swept aside this season.

Paris Saint-Germain are a team that you would have benefited putting money on pre-draw, though they're 12/1 (13.0) odds are still tempting considering the phenomenal form of Zlatan Ibrahimovic, who is flanked by talents such as Edinson Cavani, Thiago Silva and Blaise Matuidi. Bayer Leverkusen will not be pushovers but, at 125/1 (126.0), they will not be expected to challenge much either.

Borussia Dortmund's odds stayed stagnant at 12/1 (13.0) as they were handed a favourable Zenit St Petersburg. The Russians are enormous long shots for the title at 250/1 (251.0) but have a major wild card in the form of Hulk.

Speaking of wildcards, the attention will be on Galatasaray striker Didier Drogba as he returns to Chelsea for the first time since his departure 18 months ago. The Turkish side saw they odds double with bet365 to 200/1 (201.0) with the draw complete, but in truth the Ivorian could find some inspired form to cause a major upset against a shaky-looking Blues squad, whose odds dropped to 12/1 (13.0).

Real Madrid arguably got the best opponent in the entire draw: Schalke. The Gelsenkirchen club have not been playing brilliantly this season and were very lucky to reach the last 16. Carlo Ancelotti's men are now 4/1 (5.0) while deluded, drunk or daydreaming Schalke fans can get 300/1 (301.0) on them becoming European champions.

Finally, David Moyes will see his Manchester United host Olympiakos next year in the last 16. The Greeks have the longest odds to win the tournament of any of the remaining clubs - 400/1 (401.0) - which has seen the Premier League giants' numbers slide to 14/1 (15.0).

Who will you be putting your money behind? Are any outsiders in with a shot of victory? Or will clear favourites Bayern win back-to-back tournaments?