Champions League 2024-25 odds: Knockout phase play-off draw and favourites

The first legs of the 2024-25 Champions League knockout phase play-offs are done.
After eight matchweeks of the group stage, we knew the 24 teams still in the competition. The top eight, of course, sealed direct passage into the last 16.
The remaining 16 have to fight it out in the knockout phase play-offs, which was decided in a limited draw. With the new format, league finishes were paired together to provide a small selection of potential opponents for each team. For example, Manchester City and Celtic knew they would either face Real Madrid or Bayern Munich in the play-offs.
So, what exactly did the draw throw out? And how do things look at the halfway mark of the knockout phase play-offs?
2024-25 Champions League knockout phase play-off fixtures and results
Tuesday 11th February
- Brest 0-3 PSG
- Juventus 2-1 PSV
- Sporting CP 0-3 Borussia Dortmund
- Man City 2-3 Real Madrid
Wednesday 12th February
- Club Brugge 2-1 Atalanta
- Monaco 0-1 Benfica
- Celtic 1-2 Bayern Munich
- Feyenoord 1-0 AC Milan
Tuesday 18th February
- AC Milan vs Feyenoord (5:45pm UK time)
- Benfica vs Monaco (8pm UK time)
- Atalanta vs Club Brugge (8pm UK time)
- Bayern Munich vs Celtic (8pm UK time)
Wednesday 19th February
- Borussia Dortmund vs Sporting CP (5:45pm UK time)
- PSV vs Juventus (8pm UK time)
- PSG vs Brest (8pm UK time)
- Real Madrid vs Man City (8pm UK time)
2024-25 Champions League winner odds
2024-25 Champions League favourites
Liverpool
Liverpool missed out on perfection in the group stage, losing their final match against PSV. But they had already secured their spot in the last 16, playing a rotated side. Top spot was still secured for Liverpool, so they’re having a break in February watching teams fight for the right to join them. There could be an interesting last 16 tie on the horizon, with Paris Saint-Germain and Benfica potential opponents if they get through their ties. But Liverpool are the favourites.
Real Madrid
The group phase was a disappointing one for Real Madrid, who finished 11th in the table. It means they have to go through the knockout phase play-offs to reach the last 16. Los Blancos have a tricky knockout phase play-off tie too, draw against Man City. They saw their odds initially lengthen slightly as a result, but Real Madrid are still high up on the list of favourites. And they’re now second favourites after beating Man City 2-3 in the first leg at the Etihad.
Arsenal
Arsenal are still awaiting their first Champions League title but they’ve put themselves in a great position to claim their maiden title, with six wins from eight group stage matches. It secured the Gunners a third-placed finish in the group stage, and safe passage to the last 16. They only dropped points in two visits to Italy, drawing with Atalanta and losing to Inter Milan. There could be an Italian side waiting in the last 16, with Juventus and AC Milan potential opponents. Or they could go Dutch, against Feyenoord or PSV.
Barcelona
Barcelona were the other team to go into the final gameweek already qualified for the last 16. But they failed to capitalise on Liverpool’s defeat, losing to Atalanta. So the Blaugrana had to settle for second. They still have the same path as Liverpool, though, potentially facing PSG or Benfica — as well as Monaco or Brest — in the last 16.
Bayern Munich
Six-time European champions Bayern Munich have now gone four seasons without lifting the big-eared trophy. Since lifting the trophy in 2019-20, Bayern have suffered three quarter-final exits and one in the semi-final. Last season they made it to the semi-final, before being beaten by Real Madrid, conceding two late goals to lose 4-3 on aggregate. It was a strange league phase for Bayern Munich, who had to settle for 12th and the knockout phase play-offs. They got the best possible draw they could in the play-offs, facing Celtic, and lead 2-1 at half-time of the tie.
PSG
PSG were another big name to struggle in the group stage, losing three of their eight games. But they still managed to rescue a 15th-placed finish and one of the seeded spots in the knockout phase play-offs. Their reward was an all-Ligue 1 tie between Brest. And PSG have seen their odds improve after winning the first leg 0-3 away from home. Of course, there could be a tricky last 16 tie on the horizon.