It's unique to see that Real Madrid's chances are only 31% to win, because they are the defending champions, and their chances should be greater even play away at the Emirates.
I am sure Ancelotti knows what he was doing. It's not the first time Real Madrid met Arsenal; they even met on the ICC (2019), the Emirates Cup (2008), and the UCL (2006), but Real Madrid did not win it all! Guy, in the last 4 matches, Arsenal won 2 matches, and the rest were a tie. This could be homework that should be fixed immediately because in La Liga, Real Madrid also has a problem with the squad; they lost when met Valencia, and it seems their focus was split between the Copa del Rey final, which drained their energy.
At the moment Arsenal is also a favorite because after all we must be aware that they are playing at home so their probability will certainly be seen as greater.
But on the other hand for now Madrid is still Madrid regardless of their performance in domestic competitions like what, they will still be one of the clubs that will be very dangerous in the Champions League so in the end even with Madrid's performance in the domestic competition being problematic, I will still look high for Madrid at this time and quite hope that they can get a lot of semi-finals.