Traders view England and Spain as near co-favorites at 33% and 32.5% implied probabilities entering UEFA Champions League quarterfinals, driven by the March round-of-16 results that advanced two English sides—Liverpool and Arsenal—alongside Spain's trio of Real Madrid, Barcelona, and Atlético Madrid. Liverpool's dominant 4-1 aggregate over Galatasaray and Arsenal's 3-1 win against Bayer Leverkusen bolster Premier League depth, with favorable draws against PSG and Sporting CP positioning them for semifinals progression. Spain's internal Barcelona-Atlético clash risks eliminating one contender early, while Real Madrid faces a stern Bayern Munich test, creating uncertainty that keeps Germany at 23.5%; France's PSG (12%) and Portugal's Sporting lag amid tougher paths, underscoring the knockout stage's volatility.