2026 Stanley Cup Odds: Oilers Favored Over Back-to-Back Champion Panthers

• Opening 2026 Stanley Cup odds have been released following Florida’s back-to-back championship
• The Oilers are the favorites at +650, despite losing consecutive Finals to the Panthers
• Read below for the complete 2026 Stanley Cup odds and championship analysis

The confetti has barely settled in Sunrise, but sportsbooks are already eyeing the 2025-26 NHL season. DraftKings Sportsbook dropped their opening odds for the 2026 Stanley Cup, and there’s quite the surprise at the top.

Despite getting beat by the Florida Panthers in back-to-back Stanley Cup Finals, the Edmonton Oilers sit as +650 favorites to finally snap Canada’s championship drought. The two-time defending champion Panthers are right there at +700.

Let’s dive into the opening 2026 Stanley Cup odds and spot the contenders, dark horses, and longshots for next season.

2026 Stanley Cup Odds

The opening 2026 Stanley Cup odds show Edmonton as the slight +650 favorite, giving them a 13.3% implied chance to win their first championship since 1990.

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Odds as of June 18, 2025, at DraftKings Sportsbook.

Oilers Favored Despite Back-to-Back Heartbreak

It might seem counterintuitive, but the Edmonton Oilers (+650) find themselves atop the NHL odds board after consecutive Stanley Cup Final losses to Florida. The oddsmakers clearly believe Connor McDavid and company are due for a breakthrough.

McDavid, who’s only signed through the 2025-26 season, brings serious urgency to Edmonton’s championship chase. The best player in hockey has done everything except hoist Lord Stanley’s Cup, and time’s running out to keep him in Oil Country.

The Oilers’ favorable odds reflect their lack of major free agent departures compared to the Panthers. With their core staying put and the sting of two straight Finals losses as fuel, Edmonton might finally end Canada’s 33-year Cup drought next June.

Panthers Eyeing Historic Three-Peat

The Florida Panthers (+700) are attempting something that hasn’t been done since the early 1980s – win three consecutive Stanley Cups. The New York Islanders were the last team to pull off the feat, capturing four straight from 1980-83.

Florida’s path to a three-peat hits some roadblocks right away. Conn Smythe Trophy winner Sam Bennett and 37-year-old Brad Marchand both become unrestricted free agents on July 1. Bennett’s 15 playoff goals were huge for the Panthers’ repeat, while Marchand brought veteran leadership and clutch scoring after his trade deadline move from Boston.

The Cats still boast an elite core with Aleksander Barkov, Matthew Tkachuk, and the addition of Seth Jones on the blue line. If Sergei Bobrovsky can maintain his championship form for one more season, Florida has the pieces to make history.

Western Conference Loaded with Contenders

The Dallas Stars (+900) and Colorado Avalanche (+1000) lead a bunch of dangerous Western Conference teams. Dallas thinks their mix of offensive firepower and defensive structure can finally push them over the top, especially after landing Mikko Rantanen via trade.

Colorado’s odds show their consistency – they’re bringing back 19 of 23 roster players, including superstars Nathan MacKinnon and Cale Makar. A healthy Gabriel Landeskog could be the wild card that gets the Avs back to championship level.

Don’t overlook the Vegas Golden Knights (+1200), who stay Stanley Cup threats as long as Jack Eichel is in gold. Their playoff experience and organizational depth keep them as constant contenders in the Pacific Division.

Dark Horses and Surprise Contenders

The Minnesota Wild (+3500) might be next season’s biggest climbers. With their Parise and Suter buyout penalties dropping from $14.74 million to just $1.67 million, the Wild will have roughly $20 million in cap space to upgrade their roster. Mix that with a healthy Kirill Kaprizov, and Minnesota could make real noise in the Central Division.

The Winnipeg Jets (+2500) finished last season with a 70.9% points percentage and have the league’s top defensive unit anchored by Connor Hellebuyck. Their odds seem generous for a team many view as the NHL’s most complete roster.

The Ottawa Senators (+3000) and New Jersey Devils (+2000) represent intriguing young teams ready to take that next step. The Devils’ pickup of Jacob Markstrom fixes their biggest weakness, while Ottawa’s core keeps getting better.

Olympic Dreams Add Extra Intrigue

The 2025-26 season brings a new twist with the NHL returning to Olympic play for the first time since 2014. The mid-season break for the Milan Olympics will create interesting dynamics, with teams managing a packed schedule on both sides of the pause.

For superstars like McDavid, who called Olympic participation “a dream come true,” the chance to represent their countries adds another layer of motivation to an already compelling season.

Bottom of the Barrel

At the other end, the Chicago Blackhawks and San Jose Sharks share the longest 2026 Cup odds at +50000. Both franchises are deep in rebuilding mode, though Chicago’s young core shows more promise for a faster turnaround.

The Pittsburgh Penguins (+15000) face an uncertain future with Evgeni Malkin entering his final contract year at age 39. The end of an era in Steel City feels inevitable, shown in their long championship odds.

As free agency gets closer and teams lock in their rosters, these odds will move big time. But right now, the stage is set for what should be one of the most captivating NHL seasons in recent memory, with Olympic glory and Stanley Cup dreams both up for grabs.