Manny Pacquiao will enter his next fight as a greater underdog than for any other fight in the past 20 years.

The former eight-division champion made quite a statement this past Friday, alerting the world of his intention to next face unbeaten, unified WBC/IBF welterweight titlist Errol Spence (27-0, 21KOs) of Desoto, Texas. The bout will take place August 21 atop a Fox Sports Pay-Per-View event from a venue to be determined in Las Vegas, a city where Pacquiao has registered some of the biggest moments of his eventual Hall of Fame career.

It is also where the 42-year-old will fight for the first time in two years, with the oddsmakers not liking his chances. Spence has been installed as an early -450 betting favorite according to reputable sportsbooks including BetOnline.ag, while Philippines’ Pacquiao (62-7-2, 39KOs) is listed as a +350 betting underdog in his quest to become a five-time welterweight titlist.

The last time Pacquiao did not enter the ring as a favorite was for his May 2015 blockbuster superfight with unbeaten pound-for-pound king Floyd Mayweather at MGM Grand Garden Arena in Las Vegas. The legendary Filipino southpaw hovered around the +175 mark throughout fight week after an earlier push saw Mayweather come down from -285 all the way down to -185 before hovering at around -225 leading into the fight.

Mayweather claimed a 12-round unanimous decision victory in what remains the highest grossing event in boxing history.

Prior to that bout, Pacquiao didn’t enter as the underdog since his Dec. 2008 passing of the torch showdown versus Oscar de la Hoya. Pacquiao entered the ring at +150, but left the MGM Grand with the biggest win of his career to that point.

Pacquiao was the underdog in his U.S. debut in 2001, with Lehlo Ledwaba as a -700 favorite to defend his IBF junior featherweight title. Pacquiao proved to be a longshot jackpot, prevailing in the short notice assignment as he scored a 6th round knockout win to claim his second divisional championship.

More than two years later, Pacquiao conquered Marco Antonio Barrera who was as much as a -400 favorite in their November 2003 lineal featherweight championship in San Antonio. Pacquiao won by 11th round knockout in becoming a three-division champ before eventually storming through history.

Pacquiao was the betting favorite for his most recent bout, entering the ring at -155 for his challenge of unbeaten WBA welterweight titlist Keith Thurman in July 2019. Pacquiao scored an opening round knockdown en route to a 12-round split decision win to win the welterweight title at age 40.

Spence has entered the ring as the betting underdog just once in his career.

The undefeated Texan southpaw marched into hostile territory for his May 2017 challenge of then IBF welterweight titlist Kell Brook, who was a slight -125 favorite to defend his crown in his hometown of Sheffield, England. Spence won by 11th round knockout, having made five successful title defenses including a 12-round split decision win over Shawn Porter to unify the IBF and WBC titles in their September 2019 thriller where Spence was at roughly -550.

In his most recent outing, Spence defended both belts in a 12-round unanimous decision win over Danny Garcia last December at AT&T Stadium in Arlington, Texas. The bout was Spence’s first after having been out of the ring for more than 14 months, most of that time spent recovering from injuries suffered in a horrific car crash.

Jake Donovan is a senior writer for BoxingScene.com. Twitter: @JakeNDaBox