Manchester City were Champions League favourites before the first round of group stage matches got underway.
Pep Guardiola's side were handed what looked a straightforward draw and as such they were clipped to 9/2 (5.50) in the outright winner market, but slipped to a shock defeat against Lyon in their opening match.
That 2-1 reverse at the Etihad as Guardiola watched on from the stands has seen the well-fancied frontrunners drift to 5/1 (6.0) in the latest Champions League winner odds.
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City became the first English side in Champions League history to lose four consecutive matches in the competition and those poor performances have got to be a concern for their backers.
While the result was a shock, the bookies clearly believe the Citizens will have few problems turning their fortunes around and still make them one of the two likeliest winners.
That's because Barcelona's emphatic 4-0 win over PSV Eindhoven on Tuesday night saw them cut to 5/1 (6.0). Lionel Messi netted a hat-trick at the Camp Nou and is now a best price of 2/1 (3.0) to finish as the competition's top scorer.
Cristiano Ronaldo used to dominate that market, but the 33-year-old saw red in his first European game for Juventus and looks set to miss a return to Manchester United unless his contentious suspension is overturned or shortened.
The Old Lady emerged with victory at Valencia regardless of their numerical disadvantage and are 7/1 (8.0) to better their two runner up finishes in the last four seasons.
Bayern Munich are 13/2 (7.50) to repeat their 2013 victory while Liverpool were big market movers after the first round of games. Jurgen Klopp's side got the better of Paris Saint-Germain 3-2 and have been cut from 12/1 (13.0) to 7/1 (8.0).
The French champions remain as one of the frontrunners at 8/1 (9.0) together with holders Real Madrid. Atletico Madrid got off to a winning start too and are available at 12/1 (13.0).
While Manchester United's 3-0 win over Young Boys was routine, William Hill remain sceptical about Jose Mourinho's side and their long-term credentials in this competition, they're 25/1 (26.0) in the outright winner market.
Get the latest Champions League odds with William Hill
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