Updated Stanley Cup Odds for All 8 Teams After First Round of 2023 NHL Playoffs

• The Toronto Maple Leafs are the +350 favorites to win the Stanley Cup entering the second round of the NHL playoffs
• Right behind the Leafs at +375 are the Edmonton Oilers
• There hasn’t been an all-Canadian Stanley Cup final since the Calgary Flames beat the Montreal Canadiens in 1989

Is this the spring that a Canadian NHL team finally reclaims the most coveted sporting prize, the Stanley Cup? Oddsmakers are willing to double down on that becoming a reality.

Following the rash of first-round upsets that claimed both the defending Cup champion Colorado Avalanche and the record-setting 65-win Presidents’ Trophy-winning Boston Bruins, the Stanley Cup odds are projecting an all-Canadian final this spring.

The Toronto Maple Leafs, who haven’t won the Cup since 1967, are set as +350 Cup favorites. Right behind Toronto, second in this betting market at +375, are the Edmonton Oilers.

No Canadian team has won the Stanley Cup since the Montreal Canadiens in 1993.

NHL Stanley Cup Odds

It’s been a long wait for a Stanley Cup parade for all of eight of the remaining contenders. Edmonton’s last win was in 1990. Dallas won in 1999. New Jersey was the 2003 winner and Carolina claimed the Cup in 2006. Florida, Vegas and Seattle have never won the Stanley Cup. Odds as of May 2 at Caesars Sportsbook.

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Plenty Of Line Movement

With all of the first-round exits by top contenders from the NHL Playoff Bracket, there were seismic shifts in the Stanley Cup betting lines of the eight survivors. Even Toronto (+900 to +350) and Edmonton (+1000 to +375) were displaying significant line movement.

The Dallas Stars shortened from +1500 to +550. The two teams that pulled off the biggest first-round upsets remain the longest shots on the board, but at much shorter odds. You’ll get +1300 on the Seattle Kraken instead of the previous +4000 and +1000 on the Florida Panthers rather than +2200.

Leafs End One Curse, Could Another Fall?

Finally, for the first time since 2004, the Maple Leafs are through to the second round of the playoffs. The last time that happened, there were no such things in the world as iPhones or Facebook.

It’s been so long since Toronto won the Stanley Cup that it only took half the time to get the job done. Beating Montreal in the farewell season of the six-team NHL, the Leafs only needed to win two rounds. In fact, in franchise history, the Leafs have never won more than two rounds in a single playoff year.

Hungry for more. pic.twitter.com/DkpLOSxC48

— Toronto Maple Leafs (@MapleLeafs) April 30, 2023

There’s been a belief all season that the Leafs are finally built to survive the grind of a playoff run. Adding players such as 2019 Conn Smythe Trophy winner Ryan O’Reilly, gritty winger Noah Acciari and defenseman Luke Schenn to the star-laden core of Auston Matthews, Mitch Marner and John Tavares has made the Leafs harder to play against.

Oilers Power Play Is Devastating

During the regular season, Edmonton’s power-play clicked at 32.4%, which was a record pace. And the Oilers have nearly doubled that output during the playoffs. They’re tallying at a 56.3% rate through one postseason round.

It’s easy to forget that Edmonton played in the Western Conference final last spring. Like the Leafs, hockey people have been waiting for the dynamic duo of Connor McDavid and Leon Draisaitl to take that next step.

Also much like Toronto, the concern, though, is Edmonton’s goals against. The Oilers (3.33), Leafs (3.50) and Panthers (3.86) are the only teams left in the NHL postseason that are surrendering three goals per game. It’s difficult to win consistently in the playoffs when you’ve got to score at least four goals every game.

Is Victory In The Stars?

To that end, maybe take a gander at what the Dallas Stars are accomplishing. While allowing a playoff-low 2.33 goals per game during their six-game ouster of the Minnesota Wild in the first round, the Stars were also tallying 3.50 goals per game. Dallas is the only team left standing that ranks among the top six in both of these categories. The Stars are also fourth on the power play (37.5%) and sixth in penalty killing (81.8%).

Talk about Finn-tastic! 🇫🇮

Roope's 12 points in the First Round are the MOST by any Finnish-born player in the opening round EVER!

HIP HIP! 🎉#StanleyCup x #TexasHockey pic.twitter.com/pw9D7rbZvZ

— Dallas Stars (@DallasStars) May 1, 2023

It was three years ago that Dallas reached the Stanley Cup final and much of that core remains intact. To that has been added a 50-goal scorer in Jason Robertson and a high-end netminder in Jake Oettinger.

Dallas coach Peter DeBoer has twice guided teams to Cup final appearances.

Pick: Dallas Stars (+550)