Who’s Got the Edge in the Stanley Cup? Breaking Down the 2025 Betting Favorites

As the 2025 Stanley Cup Playoffs reach the second round, betting markets have begun to shift in notable ways. Bettors are no longer speculating on raw potential or regular-season form. Instead, the odds now reflect actual on-ice performance, lineup depth, injury reports, and the psychological edge teams carry forward from their first-round battles. With only eight contenders remaining, the field has narrowed significantly—and so have the margins in the betting markets. Momentum, coaching adjustments, and clutch performances are now critical variables shaping the lines. Understanding which teams are drawing the most attention, and why, provides valuable insight into how odds evolve with each playoff round.

The Winnipeg Jets: Top Seed, Top Pressure

The Winnipeg Jets closed out the regular season with a league-best 56–22–4 record, securing the Presidents’ Trophy. They survived a grueling first-round series against the St. Louis Blues, clinching it with a double-overtime Game 7 win. That resilience has bolstered their betting value.

Winnipeg’s odds shortened immediately after their Game 7 triumph, largely due to their offensive efficiency and depth. Players like Kyle Connor and Mark Scheifele have combined skill with stamina, while Connor Hellebuyck continues to provide elite goaltending under pressure. The Jets’ path forward is not easy—Dallas stands in the way—but their balanced style and regular-season dominance have kept them near the top of most sportsbooks.

Florida Panthers: Momentum Carries Weight

The Florida Panthers dismantled the Tampa Bay Lightning in just five games, establishing themselves as a force in the East. Their physical style and defensive commitment are translating well to playoff hockey, and that has not gone unnoticed by oddsmakers.

With Aleksander Barkov anchoring both ends of the ice and Sergei Bobrovsky tearing up the ice with playoff poise, Florida has become a trendy pick. What’s notable is that their odds improved despite a lower regular-season seeding. Bettors are clearly favoring form over seed, particularly with the Panthers’ second-round opponent being the high-profile Toronto Maple Leafs, a team Florida defeated in the 2023 playoffs.

Carolina Hurricanes: Discipline and Consistency

The Carolina Hurricanes have been a consistent postseason performer for several years. Their first-round win over the New Jersey Devils in five NHL games showed once again that their structured approach translates well in the playoffs. That consistency, more than flair, has kept their odds tight.

Defensively sound and rarely rattled, Carolina’s edge lies in discipline. Jaccob Slavin continues to lead on the blue line, and Frederik Andersen offers reliable, if unspectacular, goaltending. They now face the Washington Capitals, another team known for measured play. Betting markets are favoring Carolina’s system-oriented style, especially as other teams battle injuries and inconsistencies.

Vegas Golden Knights: Experience Under the Lights

It’s difficult to count out the Vegas Golden Knights, especially with how they handled the Minnesota Wild in the opening round. The defending champions know how to win under pressure, and that playoff pedigree is influencing market sentiment.

Their second-round matchup with the Edmonton Oilers is filled with offensive talent, but Vegas’ physical edge and discipline give them a perceived advantage.

Toronto Maple Leafs: Heavy Expectations Meet Heavy Action

Few teams carry as much public betting attention as the Toronto Maple Leafs. After dispatching the Ottawa Senators in six games, Toronto heads into a high-stakes matchup against Florida. With Auston Matthews in strong form and Ilya Samsonov performing in line with expectations, the Leafs remain among the favorites—though not without risk.

Because Toronto draws such a massive fan base and betting volume, narratives can influence odds as much as performance. Staying updated on lineup changes, injury reports, and the latest NHL news can offer insight into why odds shift even before the puck drops.

The weight of expectation on Toronto always draws action, which can distort lines slightly. Their odds often reflect more public optimism than analytical confidence. Still, their offensive talent is undeniable, and their first-round performance was efficient. If they can exorcise past playoff demons, they could justify their current standing among the betting elite.

Edmonton Oilers: Talented, But Still Volatile

The Edmonton Oilers recovered from a 0–2 series deficit to eliminate the Los Angeles Kings in six games. Their offense remains their primary asset, led by Connor McDavid and Leon Draisaitl, who have again shown they can shift the tempo of any game.

That offensive firepower gives Edmonton one of the highest ceilings in the playoffs, but their goaltending and defensive lapses still create hesitation among bettors. Their odds have fluctuated more than most, which reflects a love-hate dynamic in the market. Edmonton can dominate, but they can also collapse. That volatility means odds must account for both extremes.

Dallas Stars: Quiet Contenders With Upside

The Dallas Stars quietly advanced after a tough seven-game series with the Colorado Avalanche, a series defined by clutch goals and goaltending swings. Jake Oettinger remains one of the most promising young goaltenders in the league, and his form will be crucial against the Jets.

Dallas doesn’t dominate the headlines, but their ability to grind out wins has pushed their odds shorter with each game. Market shifts show growing confidence in Dallas as a potential conference finalist. They’re a team that improves as series go on—a trait bettors are beginning to respect.

Reading the Market in Real Time

What makes the Stanley Cup futures market unique is how reactive it becomes in the later rounds. A single injury, an overtime goal, or a hot goalie can shift odds dramatically. For example, after Winnipeg’s double-overtime Game 7 win, their odds shortened significantly within 24 hours on platforms like FanDuel Sportsbook.

Live odds also offer hints about market confidence. Teams with stable lines over multiple days often indicate balanced betting action or cautious optimism from bookmakers. In contrast, fast shifts in odds usually point to injury news, overreaction to recent wins, or sudden changes in betting volume.

Understanding where these movements come from—performance-based or market-driven—is essential when evaluating futures in real time.

What Comes Next

As the second round unfolds, the betting landscape will continue to evolve. Results will reshape narratives, and each shift in momentum will alter perception. The teams that combine consistent output with playoff-tested poise are more likely to hold value.

Keep an eye on how each team adapts mid-series. For bettors, this phase of the playoffs isn’t just about picking winners—it’s about reading how quickly odds adjust and which teams the market believes can keep skating (and scoring) through June.