The MLS is almost back in action so let's take a look at who's poised to lift the trophy this season.

The latest: Los Angeles FC won last year's MLS Cup and are favourites to do it all again in 2023. But their Western Conference rivals, Austin FC, might have something to say about that — and we're also keeping an eye on FC Cincinnati.

Here are the latest MLS Cup odds.

MLS Cup odds

Check out the latest odds to win the MLS Cup. Click linked odds to add selection to betslip.

Odds as of 4:52 p.m. ET on 01/30/2023.

Best MLS Cup odds

The favourite: Los Angeles FC (+500)

LAFC took home the trophy last season thanks to some heroic performances in the MLS Cup playoffs.

In a crosstown battle, LAFC took down LA Galaxy in the Western Conference semifinals thanks to a 93rd-minute winner from Cristian Arango.

Just over two weeks later in the MLS Cup Final, L.A. found itself down a goal as stoppage time came to an end against the Philadelphia Union. But Gareth Bale pulled a rabbit out of his hat in the 128th minute sending the game to penalties in the dying seconds, which LAFC later won.

GARETH BALE EQUALIZES IN STOPPAGE TIME OF EXTRATIME!! #MLSCUP pic.twitter.com/iWqfU9FAWG

— Major League Soccer (@MLS) November 5, 2022

That would turn out to be his last act in the MLS as he retired from professional football following the World Cup.

That said, LAFC has most of its squad back for next season. They did lose eight players over the transfer window but none other than Bale and Franco Escobar (1G, 1A) was involved in a goal last season. LAFC did bring in two players — Denil Maldonado and Stipe Biuk — the latter being a young Croatian winger who could factor into the squad.

Los Angeles led the MLS regular season in points (67) and wins (21) last season, and ranked second in goals (66) and goal differential (plus-28).

Other MLS Cup choices

Best value: Austin FC (+800)

Austin FC have only been in the league for just four seasons, but they're already making waves.

The Oaks advanced all the way to the Western Conference Finals last season before losing 3-0 to the eventual champion LAFC. During the regular season, they had the fourth-most points (56) and scored the third-most goals (65).

Matthew McConaughey is part of the ambitious ownership group that is trying to help AFC summit the mountaintop, so spending shouldn't be an issue.

Gyasi Zardes was Austin's big off-season acquisition. The 31-year-old veteran forward has scored 97 MLS goals over the past decade and will slot in nicely alongside Sebastian Driussi and Maximiliano Urruti.

Driussi scored 22 regular season goals last year, falling one goal shy of winning the Golden Boot.

Team to watch: FC Cincinnati (+2,000)

FC Cincinnati advanced to the conference semifinals last season, and we think they are worth watching heading into 2023.

The team had a dreadful start to last season but responded well after the halfway point, only losing two of their last 20 games (6-12-2).

Cincinnati had the most draws (13) of any team last year but it certainly has the pieces needed to turn those ties into wins. Brandon Vazquez and Brenner both scored 18 goals in league play while Luciano Acosta added 10 of his own.

Canadian MLS Cup odds

Let's take a look at the three Canadian teams in the MLS and see how they'll stack up heading into the 2023 season:

• CF Montreal were the only Canadian team to make the MLS Cup playoffs last season and should be in contention for the trophy again this year. The team boasts a slew of homegrown talent and was third in points (65) and fifth in goals scored (63) in 2022.

• Toronto FC may be worth a look at 40-to-1. The Reds have some of the best top-end talents in the MLS with Lorenzo Insigne and Federico Bernardeschi upfront. That said, defensive issues plagued them last season and may not be so easily solved. This will be a fun team to watch, but it's likely to be inconsistent.

• The Vancouver Whitecaps probably won't be a factor to win the trophy this season at 66-to-1 but could challenge for one of the outside playoff spots. Lucas Cavallini is the team's best player and was selected to Canada's World Cup squad — he'll need to perform if Vancouver wants positive results.