The first round of the NHL playoffs went out with a bang with two third-period comebacks in Game 7s, including a last-second tying goal for Winnipeg on Sunday night. While Winnipeg and Dallas are probably still buzzing from those dramatic wins, the second round starts Monday night. Ahead of the conference semifinals, the Florida Panthers and Carolina Hurricanes lead the odds to win the Stanley Cup.

The defending champion Panthers dispatched in-state foe Tampa Bay in five games and are +425 to lift the Cup on BetMGM. Carolina, which took out New Jersey in five games, is right behind at +475. Those odds for favorites paint the picture of a wide-open playoff field. That was the case before the playoffs started, and it’s still true now.

The Washington Capitals have the longest odds of the eight teams remaining, and even the Capitals are only +1000. Compare to that to the NBA, where only three teams have odds shorter than +1000. The NHL playoffs are always full of surprises, which is reflected in the odds, but this year in particular has no clear-cut favorite or top team.

2025 Stanley Cup winner odds

Before the playoffs, Colorado was in the top group with Florida and Carolina, but the Avalanche blew a two-goal lead in the third period of Game 7 on Saturday. After winning that series, Dallas is third in the odds at +500.

The first Canadian team in the mix is the Edmonton Oilers at +525. Three of the five Canadian teams that made the playoffs made it to the second round. Toronto is +750 and Winnipeg is +900. With a healthy number of teams still alive, and none of them playing each other in the second round, maybe this is the year Canada can end its Stanley Cup drought. The last time a Canadian team won the Cup was Montreal in 1993.

While Edmonton is ahead of Vegas (+650) in the futures odds, the two teams have matching -110 odds to win that upcoming second-round series. Vegas begins the series on home ice, but Edmonton has Connor McDavid.

McDavid is the favorite to win the Conn Smythe Trophy as the MVP of the playoffs, but favorite is being used liberally here. McDavid is still +750 to win it. Dallas’ Mikko Rantanen (+1100) and McDavid’s teammate Leon Draisaitl (+1300) are next.

Given the general Canadian drought, it’s no surprise that the three Canadian teams also have the longest Cup droughts of the eight teams still alive. The Oilers last lifted the Cup in 1990, Toronto’s last triumph was all the way back in 1967 and Winnipeg has never won the Cup. The Jets won the Presidents’ Trophy (best regular season record) this season for the first time, but are still only ahead of Washington in the futures odds.

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