Friday night football at Portman Road has all the ingredients for a game that could be far less comfortable for Liverpool than the badge on the shirt might suggest.
On paper, Liverpool are the stronger side. They have the greater individual quality, more attacking depth and the kind of players capable of turning a tight game in a matter of seconds.
But this is not a Liverpool side arriving in dominant rhythm.
They are still looking for their first Premier League win under Andoni Iraola, having drawn their opening two league matches 2-2 against Newcastle and Nottingham Forest. Stretch that sequence back into last season and Liverpool have now gone six league games without a win.
That immediately changes the tone of the contest.
This is not simply a case of asking whether Liverpool are better than Ipswich.
They clearly are.
The more interesting question is whether they are as likely to win as the market suggests.
Portman Road changes the equation
Ipswich may have been beaten 5-2 at Manchester United last time out, but that scoreline should not disguise how formidable they have become at home.
They are unbeaten in their last 18 home league games, with Portman Road developing into exactly the kind of ground where visiting favourites can find themselves dragged into a much harder contest than expected.
Friday night should only intensify that.
The crowd will be aggressive, the atmosphere should be excellent and Ipswich have enough pace and attacking intent to test a Liverpool defence that has shown real vulnerability.
Liverpool have conceded twice in both of their opening league games and have gone eight Premier League matches without keeping a clean sheet.
That may prove the most important piece of evidence in the entire match.
Ipswich do not necessarily have to control the game to hurt Liverpool.
They simply need moments.
Liverpool's attacking quality remains the obvious danger
For all the concerns surrounding Liverpool, Ipswich will have their hands full defensively.
Alexander Isak has an outstanding record against them, scoring four goals in two previous Premier League appearances against Ipswich, including a hat-trick at Portman Road while playing for Newcastle.
He looks the obvious focal point again.
Liverpool also possess the individual quality of Florian Wirtz, Cody Gakpo, Jeremie Frimpong and potentially new arrival Bradley Barcola, who could make his debut from the bench.
The challenge is finding fluency.
Wirtz, in particular, has yet to fully impose himself on the opening weeks of the league season. The underlying quality is obvious, but Liverpool still look like a side trying to work out exactly how all their attacking pieces fit together.
That makes them dangerous without necessarily making them predictable.
Ipswich have weapons of their own
Liverpool cannot afford to treat Ipswich as a team that will simply sit back and survive.
Abdul Fatawu has been one of their most influential attacking players so far, while Julio Enciso gives them a player capable of receiving the ball between the lines and carrying genuine counter-attacking threat.
If Liverpool push their full-backs high and lose possession cheaply, Ipswich will have opportunities to attack space.
That is where the game becomes interesting.
Liverpool should dominate possession.
They should create the greater number of chances.
But domination of possession is not the same thing as defensive control.
Right now, Liverpool do not look particularly secure when matches become stretched.
The betting market may be getting ahead of itself
This is perhaps the most intriguing part of the match.
Opta's pre-match model gives Liverpool around a 59% chance of winning, which equates to fair odds of roughly 1.69.
The early market has Liverpool significantly shorter than that.
That does not automatically make Liverpool a bad bet, but it does mean the price demands scrutiny.
There is an important distinction between the most likely winner and the best bet.
Liverpool are the most likely winners.
That part is straightforward.
Whether they deserve to be priced as though they win close to two games out of three is much more debatable.
My own assessment is slightly more cautious.
I would price the match approximately:
Liverpool 58%
Draw 22%
Ipswich 20%
That gives Liverpool fair odds around 1.72.
At 1.55, there would be no temptation.
At 1.70, the conversation becomes more interesting.
At 1.75 or bigger, Liverpool would start entering a price range worth considering.
That is how I prefer to approach matches like this.
Do not start with the team name.
Start with the probability.
Then compare it with the price.
The goals market may offer the better angle
There is another possibility here.
Both teams scoring looks entirely plausible.
Ipswich have defensive weaknesses of their own, while Liverpool's recent inability to keep clean sheets is becoming difficult to ignore.
That creates a fairly obvious match shape.
Liverpool attacking.
Ipswich countering.
Chances at both ends.
The danger with backing Liverpool at a short price is that they may have to score two or even three goals to win.
That makes combinations involving Liverpool and both teams to score potentially more interesting than the straight away win, depending on the final price.
Again, the market will decide whether the idea becomes a bet.
Likely outcome
Liverpool remain the side I expect to win.
Their attacking talent should eventually create enough opportunities, and Ipswich's own defensive record means it is difficult to imagine them shutting Liverpool out completely.
But this does not look like a match Liverpool should be expected to cruise through.
Ipswich can score.
Liverpool can concede.
Portman Road will be hostile.
And the favourite arrives without the recent league form normally associated with such a short price.
My most likely score is:
Ipswich 1-2 Liverpool.
A 1-1 draw would not surprise me, while 2-2 is also more plausible than the market may initially assume.
The key conclusion is simple.
Liverpool are probably the right favourite.
They may not be the right price.
And on a Friday night at Portman Road, that distinction could matter considerably.
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