City on the slide after setback
Manchester City are now 66/1 from 10/1 for the Champions League with Sky Bet following their 2-0 defeat to Barcelona.
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The Premier League title favourites were 2/1 to beat the La Liga leaders at the Etihad Stadium on Tuesday and confirmed their status as outsiders for the game after they went down to second-half goals from Lionel Messi and Dani Alves following a red card for Martin Demichelis.
Barcelona have now been cut from 9/2 to 7/2 second favourites to lift the trophy with Bayern Munich 9/4 market leaders.
The result means that Manuel Pellegrini's side can be backed at 16/1 with Sky Bet to qualify for the next round having been 13/8.
Sky Bet Head of Football Trading Paul Wiggins said: "The betting industry leaned towards Barca before kick-off with City drifting out from a starting price of 6/4 to 2/1 but we saw the majority of the money on City as our punters genuinely believed they had a chance.
"However, their odds have now drifted significantly across the markets and we doubt we'll even see much interest for them to progress, despite arguably matching their visitors in the first half.
"Arsenal now face an even tougher task in halting reigning champions Bayern Munich, who have attracted twice as much support as their hosts at the Emirates despite being odds-on to establish a first-leg lead."
Zlatan Ibrahimovic scored twice in PSG's 4-0 rout of Bayer Leverkusen and the Swede is now 13/8 at Sky Bet to be the top goalscorer in the competition this season.
Cristiano Ronaldo remains the favourite at 10/11 with Messi a 4/1 chance.