Champions League 2022: Updated Odds After Quarterfinal Draw

Manchester City and Liverpool are the top two favorites to win the 2021-22 UEFA Champions League coming out of Friday's quarterfinal draw. 

DraftKings Sportsbook has City as the betting favorite at +185 to win a Champions League title one year after losing to Chelsea in the final. 

Liverpool is a close second in the betting odds at +200. The only other team with better than 10-1 odds heading into the quarterfinal is Bayern Munich (+300). 

Here are the updated Champions League odds less than three weeks before the Champions League quarterfinal begins. 

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2021-22 UEFA Champions League Finishing Odds

Manchester City (+185; bet $100 to win $185)

Liverpool (+200)

Bayern Munich (+300)

Chelsea (+1000)

Real Madrid (+1400)

Atletico Madrid (+2500)

Villareal (+8000)

Benfica (+10000)

Quarterfinal Draw

Leg 1; All Games at 3 p.m. ET on April 5 or 6

Benfica v. Liverpool

Villarreal v. Bayern Munich

Manchester City v. Atletico Madrid

Chelsea v. Real Madrid

Leg 2; All Games at 3 p.m. ET on April 12 or 13

Liverpool v. Benfica

Bayern Munich v. Villarreal

Atletico Madrid v. Manchester City

Real Madrid v. Chelsea

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The draw worked out to put City and Liverpool on opposite sides of the bracket, setting them up for a potential showdown in the final if they advance to that point. 

Things set up well for Liverpool to at least reach the semifinal. The Reds will take on Benfica in the quarterfinals, with the Primeira Liga side a surprise participant in the quarterfinal after stunning Ajax in the round of 16. 

Ajax made it through the group stage with 18 points, tied with Bayern Munich for most in the Champions League. It only allowed three goals in six matches. Benfica put up three goals in two legs against Ajax, capped off by Darwin Nunez's header in the 77th minute of the second leg to reach the quarterfinal for the first time since the 2015-16 season. 

Manchester City is coming into the quarterfinals after an easy 5-0 aggregate win over Sporting CP in the round of 16. 

The head-to-head history between City boss Pep Guardiola and Atletico Madrid manager Diego Simeone does favor Guardiola, but the previous three meetings between the pair have been close. 

Simone addressed the task of playing City in the quarterfinal while speaking to reporters after the draw was announced:

"Above all a great admiration for [Pep] Guardiola, and for the work he's been doing at City in recent years, which is shown game after game. After that, it's a difficult competition, they are great ties between all the teams. We'll have time to assess the game, now we focus on our game against Rayo Vallecano, that's all I have in my head."

Based on value, Villarreal is the best sleeper bet at +8000. However, being drawn against Bayern Munich—which led all teams in goals (22) and goal differential (plus-19) in group play—in the quarterfinal is daunting. 

Villarreal has already taken down one group winner by knocking out Juventus in the round of 16 (4-1 on aggregate; 3-0 in the second leg). 

If you believe in recent history, Bayern's track record against Spanish La Liga teams in the Champions League doesn't bode well for its chances:

Perhaps the most-anticipated matchup in the quarterfinal will see Chelsea squaring off with Real Madrid. 

Real needed a come-from-behind win over PSG in the round of 16 after losing the first leg 1-0. Karim Benzema's second-half hat trick in the second leg carried the team to a 3-2 victory on aggregate. 

"When we press we can beat any team, it's about pressing as a team, everyone in their position, and with the fans," Benzema said after Real's win. "Every game is a final for us, in the league and the Champions League. Today Real Madrid are alive."

Since losing to Juventus in its second game of group play, Chelsea hasn't lost in its last six Champions League matches. This streak includes a 4-1 aggregate win over Lille in the quarterfinal. 

Chelsea and Real Madrid have combined to win six of the past 10 Champions League titles. The Blues are seeking to become the first team with back-to-back championships since Real Madrid won three straight from 2015-18.