All change in Champions League betting

Last week's draw for the last 16 of the Champions League caused a real shake-up in the betting as six of the most fancied sides were drawn to face each other. With Chelsea meeting Barcelona, Arsenal playing Real Madrid and AC Milan squaring off against Bayern Munich, three of Europe's biggest teams will be licking their wounds and out of Europe by the end of February.

Barcelona, arguably the most in-form side in Europe, are rightful favourites at 9/2 (5.50), while Italian champions Juventus are 5/1 (6.00) after receiving a kinder draw than most with the Germans of Werder Bremen their opponents for a place in the last eight. While Bremen have been one of Europe's highest scoring clubs in the last couple of years, the miserly Juventus defence will fancy their chances of keeping a clean sheet and helping their side through to the quarter-finals.

Chelsea are next in bet365's list at 6/1 (7.00) and though Barcelona are a great side, the English champions will have good memories of last year when they scrambled past the Spaniards on the way to the semi-finals. Last year's beaten finalists AC Milan, city rivals Inter and dazzling French side Lyon are all 9/1 (10.00) while Real Madrid, despite their abundance of attacking talent, are just 12/1 (13.00) to win the competition.

Defending champions Liverpool are also to be found at 12/1 (13.00), which could prove to be popular after they were drawn to play Benfica in the last 16. The Portuguese side did beat Manchester United in the last group match, but United were really poor that night and the way Liverpool have been playing of late, you'd expect them to come through that to take their place in the last eight.

There is also value to be found further down as Arsenal and Bayern Munich are both 14/1 (15.00), almost exclusively because of their respective tough draws. Villaraeal are 16/1 (17.00) after being drawn against the first Scottish side to make the knockout stages, Rangers, but after that it's 33/1 (34.00) bar, though PSV Eindhoven will be no pushovers after reaching the semi-finals last season and almost taking out Milan to make the final. Rangers are rank outsiders at 100/1 (101.00).