The Carabao Cup is well underway as Manchester City begin their defence of the trophy.Pep Guardiola’s side have dominated this tournament in recent times and will be out to lift it again at Wembley on March 1, 2020.Who are the Carabao Cup favourites?Manchester City are 13/8 (2.63) favourites with bet365 to win the Carabao Cup for the third season in a row. Article continues below Editors’ Picks Ox-rated! Dream night in Genk for Liverpool ace after injury nightmare Messi a man for all Champions League seasons – but will this really be Barcelona’s? Are Chelsea this season’s Ajax? Super-subs Batshuayi & Pulisic show Blues can dare to dream Time for another transfer? Giroud’s Chelsea spell set to end like his Arsenal career This competition formed the first part of City’s historic domestic treble last season when they beat Chelsea on penalties in the final, 12 months after they defeated Arsenal 3-0.Guardiola has lost just one match in the competition since taking over at the Etihad Stadium – a 1-0 defeat to rivals Manchester United in October 2016 – and will have his sights set on lifting the trophy for the fourth time in five years.Liverpool are 5/1 (6.0) to win the Carabao Cup for the ninth time and extend their record as the most successful team in the competition’s 60-year history.However, the Reds have not lifted a domestic trophy since 2012 and Jurgen Klopp has far from prioritised this tournament in recent seasons, with the Merseysiders losing in the third round in each of the last two campaigns.Chelsea can be backed at 7/1 (8.0) to end the Manchester dominance of the Carabao Cup by winning it for the second time in six seasons.Frank Lampard won the competition twice as a player with the Blues and will be looking to endear himself to the Stamford Bridge faithful even more by winning a trophy in his first season in charge of the club.Who are the Carabao Cup underdogs?Leicester City are 8/1 (9.0) shots, having previously won the competition three times, with Brendan Rodgers aiming to win a trophy in England for the first time.Manchester United are priced at 12/1 (13.0) to draw level with local rivals City on six Carabao Cup victories.The Red Devils lifted the trophy in 2017 with a 3-2 win over Southampton at Wembley and repeating the feat here would end a near-three year silverware drought for one of the world’s most successful clubs.Everton can be backed at 16/1 (17.0) to win the tournament for the first time ever and could see this competition as a chance to end a trophy drought that goes back to 1995.Arsenal are 16/1 (13.0) as the Gunners look to lift the Carabao Cup for just the third time in their history and make up for their defeat in the 2018 final.However, Champions League qualification is certain to be more of a priority for Unai Emery and this tournament could be sacrificed as a result.Who are the Carabao Cup outsiders?Wolves are 20/1 (21.0) after finishing seventh in the Premier League last season, although they have not got past the fourth round of this competition since the 1995-96 edition.It is 33/1 (34.0) that Aston Villa win it, 40/1 (41.0) on Southampton and Watford, whilst League One Sunderland are priced at 150/1 (151.0).Odds correct at the time of writing. Please gamble responsibly.