Labrookes have made Toulouse 4/1 favourites to win the 2009 final in Murrayfield next May with Wasps at 5/1 and Munster as third favourites at 6/1.
Leinster are quoted at 20/1 with Ulster at 50/1.
The betting odds this week were: Toulouse 4/1, Wasps 5/1, Munster 6/1, Stade Francais 6/1, Gloucester 8/1, Leicester 10/1, Clermont Auvergne 12/1, Ospreys 12/1, Bath 16/1, Biarritz 16/1, Leinster 20/1, Perpignan 40/1, Sale 50/1, Llanelli 50/1, Ulster 50/1, Cardiff 50/1, Edinburgh 150/1, Castres 150/1, Harlequins 150/1 & Glasgow at 250/1.
Tuesday's Pool draw saw Munster join the 'pool of death' once again.
For the first time since the competition began, they have to travel to France twice at the pool stage, visiting Clermont Auvergne and Montauban in Pool 1, as well as a difficult trip to Manchester to meet Sale Sharks in Edgeley Park.
Munster Rugby's opening game of the competition will take place on the weekend of October 10-12.
The draw, which took place in Dublin, was conducted using the new merit-based ERC European Ranking system based on the qualified teams' performances over the past four seasons in the Heineken Cup and knock-out stages of the European Challenge Cup.
"Munster have never made it easy for themselves," out-going Munster Branch president Gerry O'Loughlin told us this Wednesday.
"It's a tough draw, but one that Munster will relish. Sale have strengthened their squad while the two trips to France to play Clermont and Montauban are again going to be major challenges. I'm very positive about Munster's chances of coming out of this pool. We have shown in the past that when the stakes are high we rise to the challenge."
Gerry was succeeded as Munster Branch president last week with Nick Comyn of Sunday's Well taking the chain of office for 2008-09.
The following season Garryowen's Declan Madden will take the presidency.
On form, it looks unlikely that two teams will emerge from Pool 1 and is similar to the pool that Munster got through from last season which included Clermont Auvergne, Llanelli Scarlets and London Wasps.
Thanks mainly to two away bonus points against Clermont and Wasps, Munster finished in top spot and were the only quarter-final qualifiers from that pool.
In the other pools Leinster also have a tough draw with London Wasps, Leinster, Castres and their jinx team Edinburgh drawn in Pool 2 while in Pool 4 Ulster are paired with Stade Francais, Llanelli Scarlets and Harlequins.
French top 14 side Montauban will be playing in the Heineken Cup next season for the first time and will be the 55th team to play in Europe's premier competition.
Montauban secured France's seventh spot in the Heineken Cup with a hard-fought 24-17 victory over Albi which ended Montpellier's hopes.
Speaking after the game Montauban wing Sylvain Jonnet said: "This Heineken Cup qualification is the result of many years of work, which started in 2000 when this squad first came together.
"It's the squad's victory.
"A new adventure begins and we have to be ready for it."
The French Top 14 semi-final fixtures were also confirmed over the weekend with ASM Clermont Auvergne set to face Perpignan while Heineken Cup finalists Toulouse will clash with Stade Français Paris this week-end.
The final will take place on Saturday, June 28 at the Stade de France in Paris
For Munster fans planning to travel to Montauban for the Heineken Cup away fixture, the city is about 45 minutes drive from Toulouse. Flights to Toulouse and to Carcassonne are available from Irish airports.
Munster are expected to confirm the appointment of Australian Tony McGahan as head coach within the next few days.
McGahan has also been interviewed by the IRFU as a possible backs coach for the international side with Declan Kidney also interested in availing of his backline coaching expertise.
At 35 McGahan has a lot of coaching experience behind him including assistant coach of the Australian under-19 World Cup squad and a spell as senior coach in Japan. It remains possible that he may be asked by the IRFU to combine both the Munster and the Irish jobs within the one contract. No new signings have been announced by Munster although their immediate aim is to strengthen the squad for the coming season.