The main reason bookmakers give smaller odds to Arsenal compared to Man City, Inter and Munich is because bookmakers still consider Arsenal's current position which is above the three big teams. Bookmakers also consider several factors such as Arsenal's current performance looks better. While in this UCL we cannot ignore any team even though there are other teams that are more experienced, but other teams also have the opportunity to compete in this UCL until the final round. Even though I am a Madrid fan, I will not underestimate Arsenal who could give a big surprise this season.
This year, Arsenal and Liverpool are also very good. Last year's champion Real Madrid suffered unexpected points losses in the Champions League this year. Due to these points losses, they could not make it into the top eight. This will put them in a difficult Playoff round. If they experience a surprise in this Playoff round and suffer a defeat, they will have to leave the Champions League early. Perhaps the reason why bookmakers give Manchester City or some other teams a lower chance of winning the championship is because of the Playoffs they will play.
Few clubs surely have good time with this new format and also with their current performance as currently we have chance for 3 English clubs to promoted automatically which is big bonus for them while 3 Italian sides are also had good chance but big game Barcelona vs Atlanta is also going to be interested.
Many are against this new format but still things are favourable and fans interest also increase because now every game is important for clubs which increase competitiveness and quality of this Elite League now after tomorrow last round this could be more interested as playoffs will be another challenge for many clubs. Manchester City and PSG are going to play their last games as playoffs which will decide about their progress in this league while most chances both are capable of having good chance to go in next round but still it's big twisting games for both clubs.