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