Drew Brees is seeking his second Super Bowl title with the New Orleans Saints. Chris Graythen/Getty Images

The Super Bowl is the single most popular betting event of the sports year. Heading into the AFC and NFC championships on Sunday, the New Orleans Saints are the favorites to win the Super Bowl, though no one team has a distinct advantage over others.

The Saints are the frontrunners at 7/4 odds but are followed close behind by the Kansas City Chiefs at 5/2 odds, according to Vegas Insider. Meanwhile, the New England Patriots (17/5 odds) and the Los Angeles Rams (18/5 odds) are very much in the hunt.

All four teams won their respective divisions and were all considered top contenders for most of the season.

A big reason for the Saints and Chiefs' small edge is due to having home-field advantage on Sunday. The Saints (7-2 at home) are 3.5-point favorites over the Rams, while the Chiefs (8-1) are 3-point favorites over the Patriots.

The Saints have a 63.2 percent chance of beating the Rams and the Chiefs have a 66.8 percent chance of beating the Patriots, according to ESPN's Football Power Index.

The Saints defeating the Chiefs is the most likely Super Bowl scenario, according to oddsmakers. The least likely Super Bowl outcome is the Rams defeating the Patriots.

The Patriots advanced to the Super Bowl the past two seasons and under head coach Bill Belichick and Tom Brady have five Super Bowl titles and eight AFC titles. The Saints and Rams have both won one Super Bowl title, while the Chiefs last won the Super Bowl in 1970.

The Super Bowl will take place at Mercedes-Benz Stadium in Atlanta on Feb. 3.

Super Bowl Scenarios (Vegas Insider)

New Orleans Saints defeat Kansas City Chiefs, 4/1

Kansas City Chiefs defeat New Orleans Saints, 9/2

New Orleans Saints defeat New England Patriots, 5/1

Kansas City Chiefs defeat Los Angeles Rams, 11/2

New England Patriots defeat New Orleans Saints, 6/1

Los Angeles Rams defeat Kansas City Chiefs, 7/1

New England Patriots defeat Los Angeles Rams, 7/1

Los Angeles Rams defeat New England Patriots, 8/1