I think that Manchester City is the favorite to qualify further in this encounter.I am not in any way underestimating Real Madrid as they have won Champions League more than any other team and not for nothing they are called the team Queen of Europe but because this time simply Manchester City has better quality players than Real does with all due respect to Real.
Manchester City was near eliminating them last year when their quality was not the same as this year and they lost it I don't know why in the last 3 minutes of the second encounter but I know this most likely won't happen again.
That is definitely what most people think as well. Like when you look at sportsbet.io for example, City has 2.14 and Real has 3.15 odds at this moment. That could of course change with time but it is clear that they consider City as the favorite.
It is not about being a favorite, the odd algorithm monitors all teams' performances and provides input on what each team deserves. Manchester City, for example, has been a beast in every match they have played; I consider them to have less odd than Real Madrid, which has not been consistent with winning matches, and as I'm written, Sportsbet Odd has shifted a little to 3.2, and when you look at other bookies, they are slightly lower for both Manchester City and Real Madrid and that's because they are not using the same parameters.
By comparison Milan has 2.94 odds and Inter has 2.66 odds for example which means that they think these two teams are much closer in every aspect and the game could end in a tie, even ties are 3.05 for Inter-Milan game and yet 3.85 for City vs Madrid game, which says they do not expect a tie at all. So when you consider all these odds, most people and most sportsbooks are considering City as the heavy favorite in this game. They may not be 1.40 or something, but they are as clear favorites as UCL semi finals could get.
As a smart gambler, it is not necessary that I must bet for either of the teams to have a straight winning, the odds are normal and it is enough to double any amount that is wagered on them but I wouldn't risk this, I rather choose a win or draw even if the odd is slightly lower for inter who doesn't yet have the record of Champions League in their gallery.