Big-spending Chelsea favourites to retain Premiership

It may be the height of the British summer, but after last week's publishing of the fixtures for the forthcoming Premiership football season, which begins in mid-August, it's already time to look to the return of the nation's favourite game.

The clubs may not have completed their summer spending sprees yet, but the bookies have already priced up the markets for both the title-winners and for the dreaded relegation back down to the Championship.

Having dominated the league last season, it's no surprise to see Chelsea at the head of bet365's markets. Jose Mourinho's cosmopolitan side are even money (2.00) to repeat their triumph. Given that Arsenal have not successfully defended their title under Arsene Wenger, despite all their success, evens may be a little tight. Mourinho has already been moaning about the fixture list - they play away in the league after their first five European Champions League games - and winning a second title is often harder than the first.

Arsenal, deposed as champions by Chelsea and keen to regain their title, are second favourites at 12/5 (3.40), while Manchester United, the most successful club of the 1990s by a street, are 11/4 (3.75) to win for the first time since 2003. Such is the closeness of the title race these days, the outright prices on the big three don't offer much value. Indeed, my experience over the past five years or so is that you will almost certainly be able to back each of them at longer odds than they start the season.

Liverpool, who beat Chelsea on the way to a stunning Champions League triumph, are fourth favourites, but bet365 clearly think it'll be a three-horse race again as they rate Rafael Benitez's side only a 20/1 (21.00) chance. Then they go 100/1 Newcastle, and 150/1 Tottenham Hotspur.

At the wrong end of the table, bet365 are taking no chances by offering the three promoted clubs, Sunderland, Wigan Athletic and West Ham United, as favourites to go straight back whence they came.

West Ham, who came up via the play-offs, are the favourites to last just one season in the top flight, at 4/7 (1.57), while Championship winners Sunderland are 8/13 (1.61) and perhaps surprisingly, Wigan, in the top league for the first time, are 5/6 (1.83) third favourites to go down. West Bromwich Albion, who escaped relegation in a dramatic last day of action last season, are also 5/6 (1.83) to not be so lucky this time round. Portsmouth are 2/1 (3.00) and Fulham, who have lost a couple of their best players, are only 4/1 (5.00) to go down.