UFC 196 betting odds: Conor McGregor, Holly Holm the favorites

UFC 196 is a day away and the anticipation is growing for two of the biggest fights of the year. Conor McGregor is taking on a game Nate Diaz in a welterweight main event, while Holly Holm defends her bantamweight title against Miesha Tate. These fights involve four interesting fighters with contrasting styles. With that in mind, fight odds continue to change but there are clear favorites and underdogs for the two big battles.

According to 5Dimes, both Holm and McGregor are the favorites coming into these fights. In some regards it is understandable why the odds are leaning in these directions, however they are closer than some would expect.

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McGregor is a -475 favorite to Diaz's +380 underdog status. Even though this is McGregor's first fight as a welterweight, a weight class that Diaz has fought within in the past, his current run has excitement soaring in his favor. He's coming off of a 13-second victory over Jose Aldo, ending the latter's 10-year undefeated streak.

Diaz is coming off of a win over Michael Johnson at UFC on Fox 17. Interestingly enough, Diaz was an underdog in this fight as well. As a welterweight in the UFC his record is 2-2 with two finishes.

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In a turn of fates, Holm comes into her first title defense as a -320 favorite. Tate is a +260 underdog. That's a drastic change from the night when Holm won the title from Ronda Rousey as she was nearly a -1000 underdog in some places.

Holm has never experienced defeat since moving into the world of mixed martial arts. Seven of her ten wins are by stoppage. Tate is 17-5 which includes a 4-2 run in the UFC. This is her second shot at the UFC title and she's a former Strikeforce champion.