City - 3.25
Real - 3.95
Arsenal - 9.85
Liverpool - 11.10
Bayern - 12.70
Barcelona - 13.10
PSG - 16.80
Odds that are not too different from last season where last season the position was almost the same where Manchester City and Madrid remained the favorites for this competition and I think it is quite reasonable for the odds of several other big clubs even though they are also big clubs but for the Champions League we can actually see the difference where other clubs are below Madrid and Manchester City especially with the condition of several clubs such as Barcelona, PSG and Bayern which this season they are in a transition phase with their internal then their odds are not surprising. But in this case we cannot close the fact that there are always surprises that occur just like 2 seasons ago Inter and Dortmund who were in the final this is still possible to happen.
You are right and it is very reasonable considering that Manchester City is the champion of the 2022/23 UCL season and Real Madrid is the champion of last season, besides that Manchester City also still has fairly solid squad with all their main players who can still be relied on.
Bookie sees the potential of each team to be able to provide opportunities for several big team that will take part in the UCL competition, Manchester City and Real Madrid are both team with main squads filled with star players who clearly have above average playing skills, from here both are made as superior team.
Conditions like this are what usually confuse gamblers who will choose their favorite team between the two to win the title this season.
If from the 6 team I much more confident that Arsenal and Liverpool can show good performance besides Manchester City or Real Madrid, they can also be quite wary of several of the top team above, but there is one more that may not be listed, namely Inter Milan and they could show surprise like in the 2022/23 season.