Champions League Underdogs 2026

Those who needed a reminder of how unpredictable the UEFA Champions League can be should look no further than Bodo/Glimt. The Norwegian Eliteserien runners-up entered as complete Champions League Underdogs, but manager Kjetil Knutsen has his side playing without fear.

The Super Team have already scored stunning wins over last year’s runners-up Inter Milan, La Liga giants Atletico Madrid, and Premier League stars Manchester City in 2026. As a result, Bodo/Glimt are in the Last 16 and face a winnable tie against Sporting over two legs. 

How far will Bodo/Glimt go? Can they beat Sporting and keep their dream alive? Followers can’t wait to find out. The Norwegian team’s heroics inspired sports betting writer Frank Monkhouse to look back on some of the most memorable Champions League upsets.

Here are my favourite UCL upsets.

When great coaching meets big ambition, anything is possible.

Jose Mourinho’s Porto started the 2003/04 Champions League campaign at triple-figures in the outright betting market. Did it matter? Not in the slightest.

It doesn’t happen all that often, but Porto reminded us that despite huge budgets and high-earning players, football is as unpredictable as it’s ever been.

When the European Cup came to London.

Chelsea were a team with an outside chance of winning the title that blazed a trail of glory to the prize. 

The Blues were underdogs in both the semi-final and the final. They humbled Barcelona before etching their name on the famous trophy.

They may not have made it to the finish line, but Ajax’s run to the last four was special.

The Dutch club claimed major scalps when beating Juventus and Real Madrid at high odds. Their challenge was built on a young, energetic team that pressed hard and got results against opponents that liked to hold possession.

There are many ways to bet on the Champions League, and Ajax fans got value in the match and stage of elimination markets.

Monaco found themselves 5-3 down after the first leg in England. They were cooked, right? Not for a second.

Monaco showed grit and determination to fight their way back into the tie, winning 3-1 at home and progressing on the away goals rule. A young Kylian Mbappe scored two goals across the two legs.

The lesson here? The goals markets are valuable, especially when there’s an underdog with nothing to lose and everything to gain.

Who cares about budget gaps? Certainly not APOEL FC, who made it out of the group before battling to the quarters. Few gave them a chance, but it didn’t matter.

A favourable draw in the pool allowed APOEL to build momentum. They challenged off a solid defence, making themselves difficult to break down, while frustrating the big names.

APOEL FC serves as a reminder to bettors that form matters more than a valuable squad.

The examples above show the importance of an ambitious young manager who’s getting results. It also proves that betting odds are little more than the opinion of a trading team working in an office. Being an outsider doesn’t mean the result is a foregone conclusion.

Here are five ways to spot value when betting at the best bookmakers on the Champions League:

1. Forget reputation and focus on the form and stats, including the xG.
2. Keep up to date on domestic performances, rest time, and travel.
3. Consider the strength of home-field advantage.
4. The earlier you bet, the higher the odds available.
5. Browse all markets, including the stage of elimination, and each way.

We round things off with a look at the UEFA Champions League market heading into the Last 16.

• Arsenal @ 11/4
• Bayern Munich @ 11/2
• Barcelona @ 7/1
• Man City @ 8/1
• PSG @ 10/1
• Liverpool @ 10/1
• Real Madrid @ 12/1
• Chelsea @ 25/1
• Atletico Madrid @ 25/1
• Newcastle @ 25/1

Visit your preferred football betting website, and you’ll find a long list of eye-catching betting markets available on the Champions League. You can choose to gamble on the outright options or on upcoming matches, such as the Last 16.

The simplest way to back an underdog at a high price is to take them to win the trophy. If they go all the way, you’ll land the profits. But if they don’t end on the top step, your bet loses, and the bookie keeps your stake.

The stage of elimination challenges you to predict when a team will exit the running. Will they make it to the quarter-finals? Perhaps you’re confident they’ll reach the semi-finals.

Bet on a player, rather than a team. The most popular player prop bet is the top goalscorer market. Gamble on the next big thing breaking through and winning the Golden Boot.

Now let’s look at ways to bet on an underdog in the match markets

Back a team on the handicap, with a one or two-goal start. Take them to win the tie, meaning they must lead after two legs. If you know that a team is up against it, but will be competitive, you can play both teams to score.

The 2026 UEFA Champions League is full of surprises, with underdog teams like Bodo/Glimt making incredible progress.

Major upsets of Champions League Underdogs in history include FC Porto’s 2003/04 victory, Chelsea’s 2012 triumph, Ajax’s 2019 semi-final run, Monaco’s comeback against Manchester City, and APOEL’s unexpected quarter-final appearance.