Three finals. Three defeats. No trophy. No club in the history of European football carries a heavier burden into a Champions League semi-final than Atletico Madrid.
Yet, the mood around Diego Simeone's side couldn’t be more different right now as they arrive at the penultimate stage of Europe’s premier club competition at 7/1 in the betting with the chance to rewrite that story.
Before we get to Budapest, here is everything you need to know about both Champions League semi-final ties.
Bayern vs PSG
Bayern Munich vs PSG: The Revenge Mission for Kompany's Side
Bayern Munich are now 7/4 outright favourites with BOYLE Sports to win the Champions League after sealing their spot in the semi-finals with a thrilling victory over Real Madrid.
Late goals from Luis Diaz and Michael Olise saw Bayern snatch a 4-3 win over the 15-time European champions and progress through 6-4 on aggregate.
That was Bayern's 40th win in 46 games in what has been a phenomenal season for Vincent Kompany's side, who are chasing a Champions League, Bundesliga and DFB-Pokal treble.
They also boast arguably the most devastating front three in the game right now, with Harry Kane, Diaz and Olise all netting at the Allianz Arena on Wednesday night to take their combined goal tally for the season to 92.
However, blocking Bayern's path to a first Champions League final in seven seasons is the formidable obstacle of holders Paris St Germain.
Bayern, who beat PSG 1-0 in that 2019/20 final, were 2-1 victors at the Parc des Princes when the teams met in November despite having two-goal Diaz sent off on the stroke of half-time, but the French side beat the Germans 2-0 at the Club World Cup last summer.
PSG are 5/2 third favourites to win back-to-back Champions League titles this summer, the odds reflecting the difficulty of their path despite brushing aside Liverpool with ease in the quarter-finals.
A brace from Ballon d'Or winner Ousmane Dembele at Anfield on Tuesday secured a 4-0 aggregate win for Luis Enrique's free-flowing side and their showdown against Bayern promises to be one for the ages.
“That was a proper Champions League night, the kind you don't often experience. For the spectators – and also for us – it was certainly special. It’ll be another even contest against PSG. Our recent games have always been close. We’re looking forward to it.”
Arsenal vs Atletico Madrid: The Battle of European Football's Nearly Men
The other semi-final pits Arsenal against Atletico Madrid in a clash between two teams still hunting their maiden European Cup.
Arsenal have been Champions League favourites for much of the tournament thanks to a blistering league phase in which they won all eight games and only conceded four goals.
Mikel Arteta's side remain 9/4 to lift the trophy but have lost top billing to Bayern and no longer look the team who were sweeping all aside earlier in the campaign.
They are still unbeaten in Europe but only scraped past Sporting 1-0 on aggregate thanks to a stoppage-time goal from Kai Havertz in the first leg.
The Premier League leaders will next take on Diego Simeone's men.
Atletico lost 4-0 at the Emirates in October, the Gunners netting all four goals in a devastating 14-minute spell in the second half, and are 7/1 outsiders to lift the Champions League trophy in Budapest next month.
They overcame Spanish rivals Barcelona 3-2 in another thrilling quarter-final but survived a huge second-leg scare at the Metropolitano on Wednesday, Hansi Flick's visitors going 2-0 up after 24 minutes, and are in a poor run.
The 2-1 loss to Barca was a fifth defeat in six games and they will hope to have got out of their rut by the time they face Arsenal on April 29 and May 5.
Betting Odds
2025/26 UEFA Champions League Odds
Contender | Odds | Chance % |
|---|---|---|
Bayern Munich | 7/4 | 36.4% |
Arsenal | 9/4 | 30.8% |
PSG | 5/2 | 28.6% |
Atletico Madrid | 7/1 | 12.5% |
Where is the 2026 Champions League Final Being Played?
The 2025/2026 Champions League final takes place at the Puskás Aréna in Budapest on 30 May, marking the first time Hungary has hosted the showpiece occasion in the competition's 71-year history. The 67,000-capacity stadium previously hosted the 2023 UEFA Europa League final and four matches at Euro 2020, and sits just east of the Hungarian capital's historic centre.
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