Eddie Alvarez (right) is a slight underdog at UFC 178. | Dave Mandel/Sherdog.com

The mixed martial arts world continues to buzz about Bellator MMA releasing Eddie Alvarez from his contract and the UFC subsequently signing the Philadelphia native and inserting him into a bout at UFC 178 against Donald Cerrone Bookmakers have released their opening lines for the freshly announced UFC 178 bout between Alvarez and “Cowboy,” and Cerrone a slight betting favorite. The event will take place Sept. 27 at MGM Grand Garden Arena in Las Vegas.According to BestFightOdds.com , the current best odds list Cerrone as the favorite at -115 or 20/23. On the opposite end, Alvarez is getting play at -105.In layman’s terms, a bet of $115 on Cerrone would net you an additional $100 (plus your investment), while a $105 wager on Alvarez would earn $100 (plus the $105 back).