Manchester City enters the 23-24 Champions League as the favorites at +200, followed by Bayern Munich at +550 and Real Madrid at +750. City won their first Champions League last season.

Champions League Odds
Manchester City: +200
Bayern Munich: +550
Real Madrid: +750
Arsenal: +1000 
Paris Saint-Germain: +1400
Barcelona: +1400
Manchester United: +2000
Newcastle: +2200
Inter Milan: +2500
Napoli: +2500
Atletico Madrid: +2500
AC Milan: +3500
Benfica: +4000
RB Leipzig: +5000
Borussia Dortmund: +5000
Sevilla: +6500
Lazio: +6500
Real Sociedad: +8000
Porto: +8000
Union Berlin: +10000
Feyenoord: +10000
Celtic: +15000
Lens: +20000
PSV Eindhoven: +20000
Shakhtar Donetsk: +25000
Salzburg: +25000
Antwerp: +25000
Red Star Belgrade: +25000
Galatasaray: +25000
Young Boys: +25000
Braga: +30000
FC Copenhagen: +100000