Clearly the bookies here are allocating this odds based off the past performance of both teams in their last 3-5 games because obviously that's what is reflected in the odds in seeing in this picture, well they cannot be blamed as most of these odds are allocated based off statistical information and sometimes circumstances around team but I would like to look at this teams from their various points of importance or priority attached to this game due to its importance, if we are to go by that, then Madrid should be the favorite as they needed this game more than Liverpool may but they don't appear to have the strength but I believe id they push hard, a draw wouldn't be a bad one and it's very much achievable.
Based on what we see, Liverpool's performance in the last 5 matches has been quite consistent in winning and Real Madrid has lost 2 times in the last 5 matches. In the Champions League, Real Madrid's performance is also a little different this season, unlike previous seasons which were able to achieve a convincing victory in the first round of the UCL, but if you look at the statistics of their meetings so far in the UCL, Madrid has always won matches against Liverpool, let's see if there will be a surprise in their meeting this time.