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🏆 Playoffs
Last updated: April 23, 2025 10:00 AM EDT • 8 min read
The 2025 NHL playoffs are in full swing and the Carolina Hurricanes (+575) are the latest betting favorites by the Stanley Cup odds in the midst of Round 1.
The Hurricanes hold an edge over the Colorado Avalanche (+700), Florida Panthers (+750), and Winnipeg Jets (+750) by the Stanley Cup betting odds across our best sports betting sites. The Toronto Maple Leafs have Stanley Cup odds of +800 via Caesars while holding a 2-0 lead over the Ottawa Senators in the Battle of Ontario.
Follow along with our NHL picks throughout the NHL playoffs, as our Stanley Cup betting guide keeps you apprised of the on-ice action each day.
👉 See the latest Conn Smythe Trophy odds for our best picks on the NHL playoffs MVP.
Our Stanley Cup odds update in real time throughout the NHL playoffs. See the NHL odds for the best odds on each game this postseason.
The Hurricanes opened up a 2-0 first-round series lead over the New Jersey Devils by winning both games on home ice. The combined score of 7-2 favored Carolina.
Carolina hopes to get back to the Eastern Conference Final following a second-round playoff exit last year. Left wing Jordan Martinook leads the team with three points this postseason. All but four skaters have at least one point through two games, and goaltender Frederik Andersen has stopped 48 of 50 Devils shots.
Best Stanley Cup odds: +575 via Caesars | Implied probability: 14.81%
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It’s a little odds to see Colorado still second on the Stanley Cup oddsboard with an implied win probability as high as 12.50% after the Avalanche lost Game 2 to the Dallas Stars in overtime. Still, they earned the split of the first two games on the round and now hold home-ice advantage for what’s a best-of-five series the rest of the way.
This team will go as far as Nathan MacKinnon will take them, and he’s recorded four points through two games. Logan O’Connor – an unexpected early star – matches MacKinnon at that number.
Goaltender Mackenzie Blackwood – and in-season trade acquisition – has stopped 58 of 63 Dallas shots.
Best Stanley Cup odds: +700 via DraftKings | Implied probability: 12.50%
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The Jets are up 2-0 on the St. Louis Blues in Round 1 with a combined two-game score of 7-4. St. Louis – which entered the postseason as the hottest team in hockey – started Game 1 very strong, but Jets goaltender Connor Hellebuyck has refound the form that made him a major Hart Trophy odds threat in the regular season.
Winnipeg will be a tough out for any team in the Western Conference, especially if it can earn some extra rest with a quick first-round series win.
Best Stanley Cup odds: +750 via Caesars | Implied probability: 11.76%
Best Stanley Cup odds: +800 via Caesars | Implied probability: 11.11%
The Maple Leafs used their significant edge in Stanley Cup Playoffs experience over the Ottawa Senators to steamroll their way to a 6-2 victory on home ice in Game 1. They then squeaked out a 3-2 overtime win in Game 2 to earn their first 2-0 series lead since 2002.
The Senators were one of the best home-ice teams throughout the regular season and played a significantly better game in Game 2. Ottawa can’t be written off yet, but historical trends certainly favor Toronto while up 2-0.
The bad news for the Maple Leafs would be a second-round matchup against a Florida Panthers team that’s nearly back to full health and demolished the rival Tampa Bay Lightning in their first playoff game this year since winning the Stanley Cup last June.
Here is how the betting action is shaping up at BetMGM as of Wednesday, April 23. 
Line movement (Round 1 to Now)
With five Canadian teams in the 2025 playoffs, hopes are higher than ever in Canada of the Stanley Cup returning home.
There’s a quick caveat to the NHL draft order, as the team that finished last in the standings (San Jose) doesn’t automatically get the No. 1 draft pick. The NHL draft lottery features the 16 teams that do not make the Stanley Cup playoffs.
Teams can move as many as 10 spots up the NHL draft order compared to where they finished in the regular season standings.
Therefore, 11 teams are in the mix for the No. 1 pick. However, the last-placed team is more likely to secure the first pick.
*Teams in the running for the No. 1 pick 
Here are recent Stanley Cup winner and their preseason betting odds:
Stanley Cup odds reflect the probability of each NHL team winning the championship and are typically presented in American odds format (+XXX). Lower odds signify a higher probability, while higher odds indicate a lower probability.
For example, a $100 bet at +500 odds would win you $500, plus your original $100 stake, totaling $600. 
A team with +750 odds to win the Stanley Cup is given an 11.76% implied probability of doing so with a $100 winning bet returning a $750 profit, plus your $100 stake ($850 total). 
A team with +1500 odds would have higher or longer odds, and a lower implied probability of 6.25%, but a win on a $100 bet would return a profit of $1,500 if it hits.
The first and most important step is to sign up for one of our best NHL betting sites, including FanDuel, DraftKings, bet365, Caesars, and BetMGM. 
The aforementioned sportsbooks offer various bets, odds, and opportunities, so shop around before you sign up for the best sportsbook promos. It’s also a good idea to sign up for a couple of your favorites sportsbooks, as you can earn sign-up incentives while using them for the varying strengths. 
Once you’ve signed up, navigate to the NHL page under Stanley Cup. You can then choose the team or teams you believe have the best chance of winning it all. Remember, these odds fluctuate throughout the season and playoffs, so keep a watchful eye on the market and make your pick at the most opportune moment. 
The Carolina Hurricanes are the 2025 Stanley Cup odds favorites. Their best odds stand at +575, representing an implied win probability of 14.81%, according to our odds converter.
The Florida Panthers defeated the Edmonton Oilers in seven games, winning 2-1 in Game 7 on home ice to claim the Stanley Cup last year. 
The playoffs start on Saturday, April 19. 
The 2024 Stanley Cup Final began Saturday, June 8 and finished on June 24. Those are rough dates to expect the 2025 final to be played.

The 1942 Toronto Maple Leafs rallied from a 3-0 deficit to topple the Detroit Red Wings and win the Stanley Cup, becoming the only professional North American sports franchise to pull off that feat.
The Edmonton Oilers forced Game 7 in the 2023-24 Stanley Cup Final, but lost 2-1 on the road.
The Tampa Bay Lightning won back-to-back Stanley Cups in 2020 and 2021. Previously, the Pittsburgh Penguins won it in 2016 and 2017, and the Detroit Red Wings in 1996 and 1997. 
The New York Islanders were the last team to win the Stanley Cup in three successive seasons. They won four in a row from 1980 to 1983. 
Looking to bet on hockey today? Here are the best NHL betting sites as determined by our expert team at Sportsbook Review, along with the best sportsbook promos available for today’s NHL games.
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