Back in the Europa League for the first time since the 2015/16 season, Liverpool have been installed as the 4/1 favourites to lift the trophy following the 2023/24 group stage draw.
More au fait with playing in the Champions League, Liverpool had to settle for a place in the Europa League this season and they are some way ahead in the outright betting.
Jurgen Klopp's side have started off their Premier League campaign in solid fashion, racking up four wins and a draw, alongside a comfortable 3-1 Europa League opener against LASK.
Drawn in Group E alongside LASK, Union Saint Gilloise and Toulouse the English giants shouldn't have too many problems in securing qualification through to the knockout rounds.
While there are still questions being asked of Liverpool defensively, they have more than enough attacking talent to blow their opponents away in the group and it would be a huge shock should they not advance as pool winners.
The closest challengers to Liverpool in the outright market are fellow Premier League outfit Brighton, who have seen their pre-group stage draw price of 12/1 drift out to 14/1 following a 3-2 home defeat against AEK Athens.
Roberto De Zerbi's troops have been thrown into Group B alongside 2018/19 Champions League semi-finalists Ajax, three-time Europa League runners-up Marseille and Greek champions AEK Athens.
Villarreal won this competition in 2020/21, overcoming Manchester United 11-10 on penalties, and the club have made some notable attacking additions to the squad this summer.
Ben Brereton Diaz, Denis Suarez and Alexander Sorloth have all joined to bolster the forward line and the trio should feel confident of getting the Yellow Submarine, at the very least, in the knockout stages.
The recent 2-0 defeat to Panathinaikos comes as no surprise following the recent departure of Quique Setien as head coach. Ex Real Valladolid and new Villarreal manager Pacheta will be looking to turn their fortunes around ahead of their next Group stage fixture against a slow starting Rennes side.
Last season's runners-up Roma will fancy themselves for another strong run after being drawn in Group G alongside Slavia Prague, Sheriff Tiraspol and Servette, while Real Betis will also be confident of making it through this phase after learning they will play Rangers, Sparta Prague and Aris Limassol in Group C.
Real Betis were confident of breezing through this phase after learning they will play Rangers, Sparta Prague and Aris Limassol in Group C, however a second half winner from Abdullah Sima of Rangers has somewhat tempered expectations.
An interesting team in the betting are reigning Europa Conference League champions West Ham, who were out of the hat first and are in Group A with Olympiacos, Freiburg and FK Backa Topola.
The Hammers are 20/1 to lift the trophy in the final at the Aviva Stadium, Dublin on 22nd May and are have gotten themselves off to the perfect start, securing a 3-1 triumph over Backa Topola.
The Hammers have reinvested money from Declan Rice's sale to Arsenal back into the squad, having most recently brought in forward Mohammed Kudus in a deal worth at least £38million.
James Ward-Prowse and Edson Alvarez arrived earlier to strengthen the midfield, while Konstantinos Mavropanos adds to the defensive options for manager David Moyes.
Odds displayed were correct at the time of writing and are subject to change.