Despite a loss in the duo’s first meeting, UFC featherweight champion Conor McGregor has opened as a favorite over Nate Diaz in their likely rematch.

While most sports books haven’t posted lines for the proposed bout, Irish bookmaker Paddy Power has Irish titleholder McGregor as a -162 (8/13) favorite over +125 (5/4) underdog Diaz, according to oddschecker.com.

Although UFC officials haven’t formally confirmed the rematch – an official announcement could come as early as this week – McGregor (19-3 MMA, 7-1 UFC) and Diaz (19-10 MMA, 14-8 UFC) are expected to rematch in UFC 200’s pay-per-view headliner July 9 at T-Mobile Arena in Las Vegas.

Diaz forced McGregor to tap out to a rear-naked choke earlier this month in their UFC 196 non-title headliner. Although McGregor is the 145-pound champ and Diaz has recently fought at 155 pounds, their UFC 196 bout took place at 170 pounds, and the UFC 200 rematch reportedly would take place at the same weight.

At the current odds, a winning $100 bet on -162 favorite McGregor would result in a net profit of $61.73. A winning $100 bet on +125 underdog Diaz, meanwhile, would result in a net profit of $125.

As a point of reference, McGregor is also the favorite in two other potential bouts; he’s a -175 favorite over +145 underdog Frankie Edgar, and he’s a -200 favorite over ex-champ and +160 underdog Jose Aldo, according to bestfightodds.com.

In fact, McGregor has been the favorite in every UFC and Cage Warriors bout that bestfightodds.com has tracked. The fighter, who’s ranked No. 1 at featherweight and No. 5 pound-for-pound in the USA TODAY Sports/MMAjunkie MMA rankings, opened as a +190 underdog to Dustin Poirier in 2014, but by the time the action closed prior to the start of the fight, McGregor had jumped up to a nearly 3-1 favorite.

For more on UFC 200, check out the UFC Rumors section of the site.