I have had a look and I couldn't believe that the bookmakers seem to have big faith in Arsenal and valued them as the real favorite. To give you an idea, they put Arsenal at 1.99, so let's say at 2.0, and they put Bayern Munich at 3.59.
I agree that the odds for Bayern Munich winning this game should be relatively high as it is a game away from home and it is against the team that is leading the Premier League. But given how the game developed recently for Bayern, do you think that Arsenal winning the game at 1.99 is correctly marked by the bookmakers? Even if it is marginal, it is a bit below 2.0 and I did expect something with a 2. coming first.
I don't think that Arsenal's chances of winning that game are that high. At least I wouldn't bet on it at those odds. I think it is always a good indicator to think about potential odds that someone would be willing to put money on an outcome and for me this would be more between 2.5 and 3.0, but it would definitely not be worth it when you get just under 2.0.
Because Arsenal has a 100% winning record when they play at home this season (Champions Legue).
And the last time they lost at home in Europe competition was in March 2021 (Europa League).
Arsenal vs Porto 1 - 0
Arsenal vs Lens 6 - 0
Arsenal vs Sevilla 2 - 0
Arsenal vs PSV 4 - 0
And Arsenal also aware that they have to win at home with a decent score against Bayern in the 1st leg.
Bayern will most likely qualify for the semifinals if the 1st leg ends in a draw or Arsenal is only able to win with a 1 goal margin.
Therefore, with the odds 1.99x (and it looks normal for me) Arsenal is the favorite in this first leg because they will definitely try to score as many goals as possible against Bayern.