The EFL Cup is the first opportunity English clubs have to win a major piece of silverware and, while it doesn't have the prestige of other competitions, it remains a much-coveted trophy.
For much of the last decade, the EFL Cup has been won by one of the Premier League big boys, with Liverpool picking up the prize last season, but it still represents a chance for smaller clubs and those in the lower leagues to compete for glory.
Smaller clubs such as Birmingham City and Swansea City have lifted the trophy in recent times, while Cardiff City, Bradford City and Sunderland are among the teams to have reached the final in the decade or so since the Blues upset Arsenal in 2011.
With a Europa League place on offer to the winner, the EFL Cup retains plenty of prestige, even if a lot of the Premier League clubs opt to rotate their squads for the early rounds, often giving youngsters and fringe players the chance to impress.
Traditionally, the competition's early rounds take place from August and it builds up throughout the autumn and winter and into the New Year.
This season's first round will take place across Tuesday 13th August and Wednesday 14th August, with the second round following two weeks later.
Third-round matches are scheduled to take place in September, with the fourth round set for the following month and the quarter-finals expected to be held in the middle of December.
The two-legged semi-finals will be contested across January and early February, with the 2025 final set for Sunday 16th March.
The schedule for the 2024/25 EFL Cup is as follows.
Round One: 13th-14th August 2024
Round Two: W/C 26th August 2024
Round Three: W/C 16th September 2024
Round Four: W/C 28th October 2024
Quarter-finals: W/C 16th December 2024
Semi-finals: First legs W/C 6th January 2025, second legs W/C 3rd February 2025
Final: 16th March 2025
All 92 clubs in the Premier League and the three divisions of the English Football League enter the competition each year.
In the first round, every team from League One and League Two is involved, as well as 22 of the 24 clubs from the Championship, with the two highest ranked teams from the previous season - for 2024/25 this is Luton and Burnley - receiving byes into the second round.
The two remaining Championship sides are then joined in entering the competition in the second round by the top-flight sides not involved in European competition.
The third round then sees the Premier League clubs playing European football that season enter the fray.
Matches in all rounds are single-legged, except for the semi-finals, which are played over two legs at the respective teams' home stadiums.
The final was a two-legged affair from 1961 to 1966, but has been a single game ever since, with the most recent edition ending in a 1-0 extra-time success for Liverpool against Chelsea on 25th February 2024 at Wembley, with Virgil van Dijk scoring the winning goal in the 118th minute.
The cup takes place throughout England and Wales, with the final usually held at Wembley Stadium on either the final Sunday in February or the first in March, although this season's showpiece is set to be held a little later than usual on Sunday 16th March.
Cardiff’s Millennium/Principality Stadium did temporarily host the final while Wembley was being rebuilt between 2001 and 2007, while the trophy has also been lifted at Hillsborough, Old Trafford, Villa Park and Maine Road when the final has gone to a replay prior to extra-time and penalties becoming the method of splitting sides if the score is tied after 90 minutes.
From the 2024/25 season all matches in the EFL Cup will be available to watch on Sky Sports or Sky Sports+.
The EFL Cup was first held in 1960/61 as the Football League Cup after being implemented by then Football League Secretary Alan Hardaker and it has been a permanent fixture on the calendar ever since.
Aston Villa were the first-ever winners in 1961, beating Rotherham United 3-2 on aggregate over two legs.
Liverpool are the record winners of the competition, lifting the trophy 10 times and they are also the defending champions after beating Chelsea in the 2024 final.
Manchester City - who won the cup four times in succession between 2018 and 2021 - have triumphed eight times, while Manchester United have won it on six occasions and Aston Villa and Chelsea have both been victorious in the competition five times.
The latest outright odds for the 2024/25 EFL Cup can be found here.
Any odds displayed were correct at the time of writing and are subject to fluctuation.