At the moment, the probability of Newcastle's victory is estimated by bookmakers as 1.84, and the probability of PSG's victory as 1.78. Reasonable odds for teams that are leading the group, but I don’t even know if these odds are profitable from a betting point of view. Dortmund is random, they can win against City, but they can also lose to Braga. PSG is more predictable, but Milan is a firm team and they can either hold on to a 0-0 draw or win in classic style 1-0. It is probably profitable to bet on Newcastle and Milan double chance.
Since Newcastle did very well against PSG in their home ground, I think there's a possibility that they'll still have a better performance as well against Dortmund, Dortmund have a better experience in the UCL than Newcastle but Eddie Howe's team is in a good shape and could take them by suprise like they did against PSG.
I doubt if PSG would be able to beat Milan tough they've got a good chance, because Acmilan is not performing well in the UCL buy shouldn't be underestimated based on their current form and performance in the league matches, their squad is okay and they've got players that would trouble PSG, anyways I strongly believe Newcastle would reach the next round.
Milan has never won yet, but has never lost either. For the Italian team this is a “minimum successful plan” and so far Milan is fulfilling it. In Serie A they had one disastrous match against Inter, but all other games ended in victory for Milan. If we take PSG, they have a failure against Newcastle plus several failures in Ligue 1. I wouldn’t bet on PSG, maybe they are the favorites, but I have too many doubts about this game.