The first two matchdays of the 2025/26 UEFA Champions League season are officially in the books, and Europe’s finest continue to do everything in their power to progress from the initial league phase. So far this term, we have already seen underdogs thrive as debutants Kairat Almaty and Azerbaijani champions Qarabag made their way to the tournament proper, despite both entering in the early qualifying rounds. Now, however, it’s the heavyweights that sports betting sites have their eyes on.
The latest online sports betting at Bovada odds currently makes reigning champions Paris Saint-Germain the team to beat, pricing them as the 11/2 favorites to successfully defend their title in Budapest next May. But how have they fared so far throughout the opening two matchdays? And what of their biggest challengers? Let’s take a look at who’s hot and who’s not.
Hot: Paris Saint-Germain
PSG are currently in the midst of an injury crisis. Their fearsome attacking trident that led them to a maiden title in Munich back in May is all currently in the treatment room, namely Ousmane Dembele, Khvicha Kvaratskhelia, and Désiré Doué. Many thought that would hinder the reigning champions in their quest to go back-to-back, but their supporting cast has stepped up to the plate and picked up where the previous feared three left off.
The Parisians kicked off their title defence with a resounding 4-0 victory against Atalanta on the opening night, but it was on matchday two that they truly flexed their championship credentials. They traveled to Barcelona for a crunch clash between the champions of Spain and France. However, the Blaugrana were at full strength, while PSG were heavily depleted without any of their menacing front three.
Even so, though, it was the French giants that got the job done. The visitors fell behind early in Catalonia when Ferran Torres slotted home after brilliant work from teenage superstar Lamine Yamal. Then, however, PSG began to gain control, taking advantage of Barca’s borderline-suicidal high line to turn the contest on its head.
Senny Mayulu leveled things up seven minutes before the break after a missed interception from Barca defender Pau Cubarsí. Throughout the second half, despite being heavily depleted, it was all PSG, and the visitors were duly rewarded for their endeavor in the 90th minute. Stand-in captain Achraf Hakimi exploited that high line once more, charging through on goal before slotting in replacement striker Goncalo Ramos to slam past Wojciech Szczęsny and secure a famous victory.
The reigning champions are now the joint league phase leaders, with a perfect two wins from two. They remain the favorites for a second successive trophy, and on this viewing, it would take a brave punter to bet against them.
Not: Ajax
It’s been a rough few months for Ajax supporters. Toward the back end of last season, the Amsterdam faithful watched on in anguish as their team threw away a nine-point lead with just seven games remaining to hand the Eredivisie title to rivals PSV Eindhoven. Now, they continue to watch on in pain as their side stumbles its way through an ill-fated European campaign.
Two games played. Two games lost. Six goals conceded. No goals scored. It doesn’t get much bleaker than that.
Ajax have endured a dismal start to the 2025/26 UCL season. They were beaten 2-0 by last season’s finalists Inter Milan on the opening night, before suffering a dismal 4-0 drubbing away at Marseille on matchday two. Those defeats leave them second bottom of the league standings, with only tournament debutants Kairat Almaty positioned below them. With games against Chelsea and Galatasaray up next, things could be about to get even worse.
Hot: Qarabag
Before this season, Azerbaijani champions Qarabag had only once qualified for the Champions League. That came back in 2017/18, when they picked up spirited draws home and away to Atletico Madrid before bowing out at the group stage. Eight years on, and not only are the Horsemen back at the grandest stage European football has to offer, but they’re also thriving.
Qarabag picked up their first-ever win in the competition proper on matchday one, and they did so in dramatic fashion. They found themselves 2-0 against Benfica in Lisbon, before goals from Leandro Andrade, Camilo Duran, and Oleksiy Kashchuk secured a stunning 3-2 victory. But they weren’t done there.
On matchday two, they welcomed Danish champions FC Copenhagen to the Azerbaijani capital, and once more, they were about to upset the odds. Goals from Abdellah Zoubir and Emmanuel Addai sealed a famous 2-0 win, temporarily catapulting Qarabag to the top of the league phase standings.
Now, Gurban Gurbanov’s men sit with a perfect record of two wins from two games. Last year, 11 points were enough to secure a spot in the knockout round playoffs, meaning that Qarabag requires just five more points from six games to potentially secure progression.