Formerly known as the European Cup, the Champions League is the trophy that every big European domestic club wants to win. A cursory glance at the odds for the 2007/8 competition indicates there are a dozen teams with a realistic chance of glory, which makes it such a fascinating and rewarding betting contest.

Bookies regularly disagree over who should be favourite in their Outright Market. Barcelona and Chelsea are automatically installed at the head of the market because they’ll be backed off the board by many punters, irrespective of how well they’re playing. Last season, both teams were eliminated by Liverpool, indicating how big a part the draw plays.

Milan were victorious in 2007, cementing their reputation for excelling in this competition even when the chips are down in their domestic league. However, many value seekers will prefer to back the likes of Lyon, Roma, Valencia and Seville, who are not household names compared to Man United, Liverpool, Inter Milan and Real Madrid, but are arguably as good.

When there’s Champions League matches taking place, it’s often a great time to register with bookies who provide some great free bet offers and match specials. Many cover every game In-Play so you can choose which one takes your fancy and bet while the action unfolds. Finally, you can steal a march on the bookies by taking into account the teams that can’t play each other before each draw is made – it’s amazing how out-of-line the prices sometimes are based on this.