The Copa Libertadores is typically dominated by teams from Brazil and Argentina, and has been won by Brazilian teams specifically each of the past seven seasons.
Last year, Flamengo lifted their fourth ever Copa Libertadores title, and their third since 2019. Flamengo topped Palmeiras 1-0 in the all Brazilian Final.
Although Brazil has dominated the competition in recent years, clubs from Argentina have a long history of dominance in the tournament. Argentina's Club Atletico Independiente have won the most Copa Libertadores trophies in the history of the competition with seven, and Boca Juniors have won the second most (6).
The last Argentinian team to lift the trophy was River Plate in 2018.
Check out the latest odds to win the Copa Libertadores and the knockout round draw below:
Libertadores Final Draw Odds
Palmeiras | +333 | Flamengo | +350 |
Fluminense | +550 | Cruzeiro | +750 |
Corinthians | +1200 | Rosario Central | +2000 |
Independiente del Valle | +2500 | Independiente Rivadavia | +2500 |
Mirassol | +2500 | LDU Quito | +2800 |
Estudiantes LP | +2800 | Cerro Porteno | +4500 |
Universidad Catolica | +5000 | Coquimbo Unido | +7500 |
Platense | +7500 | Deportes Tolima | +9000 |
The favorites all don from Brazil (as expected), with the two 2025 finalists, Palmeiras (+333) and Flamengo (+350), emerging as the most likely winners of the 2026 Copa libertadores.
Rosario Central (+2000) has the shortest odds of any club not based in Brazil. The Argentinian club has never won the Copa Libertadores, but could make history for themselves while snapping Brazil's continued run of dominance.
Ecuadorian clubs Independiente del Valle (+2500) and LDU Quito (+2800) also have a punchers chance at victory in 2026.
Independiente del Valle topped their group with five wins and a draw (16 points), doubling the point total of Fluminense (8 points) who finished second. The club has scored the most goals in the competition so far, with Carlos Gonzalez leading the way with six goals (second most in the entire competition).
LDU Quito also topped their group which featured Mirassol from Brazil. LDU Quito had Palmeiras on the ropes in the 2025 semifinals, down 3-0 after the first leg. The club could not hang on however, and lost the second leg of the tie 4-0 in Brazil. They will surely be coming back for vengeance in 2026.
Copa Libertadores Round of 16 Draw
Estudiantes vs. Universidad Católica
LDU vs. Mirassol
Fluminense vs. Independiente Rivadavia
Independiente del Valle vs. Tolima
Cruzeiro vs. Flamengo
Platense vs. Coquimbo Unido
Palmeiras vs. Cerro Porteño
Rosario Central vs. Corinthians
Knockout Stage Format
Unlike some tournaments that hold a new draw for each round, the Copa Libertadores knockout bracket is fully determined from the Round of 16 onwards. This means teams can already map out their potential path to the final.
Home-field advantage in the second leg is determined by performance in the group stage. Group winners are guaranteed to play the return leg at home in the Round of 16. In subsequent rounds, the team with the better group stage record (based on points) will host the second leg.
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All odds displayed on this page were correct at the time of writing and are subject to withdrawal or change at any time.
