Manchester City were priced at 9/4 with several football betting sites before the draw was made, but were subsequently cut to 2/1 after it was completed.
While they should have little difficult progressing out of Group G, their current odds look too short given the strength of the competition.
Punters looking for a value bet would do well to avoid Newcastle United given they have been drawn alongside Paris Saint-Germain, Borussia Dortmund and AC Milan.
Eddie Howe’s side are priced at 28/1 with Betzone to win the tournament, but it is tough to see them advancing to the last-16.
Arsenal have also landed some tricky tests against Sevilla, PSV Eindhoven and Lens in Group B, although they should have enough about them to go through.
Big-hitters Bayern Munich and Manchester United have been paired together in Group A and are fancied to dominate proceedings against FC Copenhagen and Galatasaray.
Bayern are second favourites at 5/1 on UK betting apps and should reach the latter stages, but they do not appeal as likely winners of the tournament.
Man United may tempt each-way punters at odds of 18/1, especially if they can top the group ahead of Bayern.
The value bet this season could be Real Madrid, although they will need to be wary of the threat posed by Napoli in Group C.
However, Braga and Union Berlin should struggle to match Los Blancos and they are expected to march serenely into the knockout stage.
At odds of 8/1, Carlo Ancelotti’s side could mount a strong challenge to win the Champions League for a record 15th time.
