Given the unlikelihood of the champions retaining their league title, languishing as they are 11 points behind Barcelona, the cup competition takes on added significance for los Blancos and Bet365 price them at 2/5 (1.40) to record a win at Balaidos.
Celta, meanwhile, have been strong at home so far this season and can be backed at 13/2 (7.50), with the draw available at 7/2 (3.50).
There was a time in the late 1990s that a trip to Balaidos meant almost certain defeat for Madrid. Indeed during 1997 and 1999, they lost four consecutive matches there - including two hammerings 5-1 and 4-0 respectively.
But times have changed with the side from the capital having won each of their last five visits to the city of Vigo, and given that Madrid have already recorded a win over Celta this season, another victory for the champions looks to be on the cards.
However, rather than backing a Madrid win outright, investing in the goals market provides more value and the price of 6/5 (2.20) for 2-3 goals to be scored in the match looks extremely generous.
This bet has paid out in each of the last four meetings between the sides, including their encounter earlier this season at the Santiago Bernabeu.
The good thing about this bet is that it covers a number of scorelines such as a 2-1, 2-0 or 3-0 win and also the prospect of a 1-1 draw.
For even higher odds, back a 2-1 win for Madrid at 7/1 (8.00) - a bet which has paid out in each of their last two away games at Celta and looks to offer significant returns for a smaller stake.
|2-3 goals scored at 6/5 (2.20) with Bet365
||Correct score 2-1 Madrid at 7/1 (8.00) with Bet365|
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Phil Kitromilides is a sports broadcaster working on radio and TV in London and Madrid. You can also follow Phil on Twitter.