Arsenal has been a moneyline favorite 31 times this season, and has gone 21-7-3 in those games. Newcastle has won three of the 10 games it has played as an underdog this season.
If you look at the period from 2014 to 2024, Arsenal's wage bill doubled. However, that has very much been driven over the last two years. It was £212m in 2022 and, now, £346m. The important thing is that they have wage under control relative to revenue. They are well within the FIFA's suggested limits, so they have got the capacity to spend more.