Chelsea heading Champions League betting

Halfway through the first group stage of the Champions League and things are beginning to take shape. All four of England´s remaining entrants - Chelsea, Arsenal, Manchester United and holders Liverpool - are going strong, and bet365 believe the Premiership champions could emulate the Reds by taking the trophy come May.

Chelsea are just 5/1 (6.00) to win the competition for the first time in their history, while Barcelona, with the brilliant Ronaldinho pulling the strings, are 6/1 (7.00). Italian champions Juventus are 7/1 (8.00) while AC Milan, stunned by Liverpool´s comeback in Istanbul in May, are 8/1 (9.00) to gain revenge.

It seems strange to see Real Madrid as low as 10/1 (11.00) in the betting, but for all their offensive power, they have serious defensive problems, and that price is probably about right. Bayern Munich and Inter Milan are also 10/1 (11.00) while Arsenal and Manchester United are both 12/1 (13.00) chances. Of those two, I would rather back Arsenal than United. Neither is exactly firing domestically - Arsenal really miss Patrick Vieira while United are toothless without Roy Keane - but the Gunners, who have struggled in recent seasons to repeat their home success in Europe, have won all three of their group games and are virtually though to the next phase. Their price will shrink when they qualify, so there is a little value to be gained by backing them now.

As for Liverpool, bet365 make them 20/1 (21.00) chances to repeat their success of 2005. Struggling to score domestically, they appear much better suited to European football at the moment, and with seven points from three games, they are also value to anyone looking to hedge their bets once the group stage is completed.

Of the lesser fancied sides, Lyon look a superb side at the moment and can be backed at 14/1 (15.00), while PSV, last season´s semi-finalists, should not be written off just because they are rated at 50/1. (51.00). True, they play AC Milan in Holland this week but their last two games are away to Schalke and home to Fenerbahce, both matches they can win. If they do that, they will qualify for the last 16, the trophy is there for the taking, and their price will fall dramatically.