Real Madrid and Arsenal exit Champions League

Bookies reacted to this evening's results by making Chelsea favourites to win the Champions League, followed by Manchester United and then Liverpool. It is unprecedented to see three English sides in the top three of the betting for the most important European competition.

At the Emirates Stadium Arsenal looked poised to take the game to extra time at the very least following Alex's own goal on 58 minutes. But with just seven minutes left the same player scored for PSV and left the Gunners needing to score two goals to go through to the quarter finals. Arsene Wenger's side could not manage it and their season is now effectively over. Arsenal had been a top price of 1.50 (1/2) to win the game while the draw was on offer at 3.75 (11/4); Alex was a 34.00 (33/1) shot to notch the first goal.

Bayern Munich shocked Real Madrid with a 2-1 home win, helped by a lightening fast goal from Makaay after less than 10 seconds. The Germans went 2-0 up - and 4-3 ahead on aggregate - after 66 minutes and while a van Nistlerooy penalty after 83 minutes took it to 4-4 over the two legs, Real could not grab a winner. Bayern were on offer at a best price of 2.20 (11/10) with Makaay a stand out price of 9.00 (8/1) with Stan James to score the first goal.

Manchester United beat Lille 1-0 in a dull game. United were just 7.00 (6/1) to repeat the scoreline of the first controversial game against Lille.

Celtic, who were denied two penalty appeals in the 90 minutes, took AC Milan to extra time after it was 0-0 after 180 minutes of play. The lack of goals did not mean a dull game though and it was one of the most entertaining scoreless contests you will ever see. The game had been on offer at 9.50 (17/2) to end up with no goals after the 90 minutes, while Milan had been rated 1.40 (2/5) shots to win at home.

With the games involving the last 16 containing quite a few shocks the bookies are likely to have been happy with this week's results.

The draw for the quarter finals will be made on Friday morning.