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First of all, I am amused by how bookmakers quote the game City - Aston Villa: 1.26. As you can see, they don't consider it difficult for the City.
As for the big picture, the calendar looks equal for everyone, so points advantage (Liverpool, then Arsenal) and the ability to focus on the Premier League without paying attention to the Euro cups (Liverpool) come to the fore. Liverpool looks like the favorite here and the bookmakers are quoting it as such, but in their opinion, City and not Arsenal are in second place.
What you said above was true and im also wondering it.
Guardiola has confirm some players will out from the game against villa. IMO, this could be considered as a serious consideration for bookmakaers caused by city is gonna face villa without weaker squad as some important players will be missing this game. The odds is pretty small for this match.
I don't mind arsenal and liverpool caused by they are all gonna have easy fixtures. The match against aston villa considerably difficult for manchester city.
Bookies should give higher odds considering the city will be missing some players. A bit strange to see how bookmakers considering villa is in the same level as mediocre club based on the current odds.
Bookmakers strongly believe if they can beat villa but i have opposite opinion. Villa is quite strong even though it was no at its peak performance.
The current odds put city superior compared to the villa.