Updated Stanley Cup Odds for All 8 Teams After Round 1 of NHL Playoffs

• The second round of the Stanley Cup Playoffs starts Monday, May 5th
• After a wild first round, Florida is the +440 favorite to repeat as champs
• See the odds for all the remaining 8 playoff participants and my pick to win below

It was a hard-fought first round of the NHL Stanley Cup Playoffs, and it wasn’t without drama. Five of the eight first-round series went at least six games, and the most shocking and unlikely ending occurred Sunday in Winnipeg. The Jets erased a two-goal deficit with under two minutes to play, including an equalizer in the dying seconds. Then in double overtime, they defeated the Blues to advance to round two and a date with Dallas. The Stars also erased a two-goal third period deficit in Game 7 Saturday against Colorado, en route to victory.

The Florida Panthers, who are defending champs and have made the final two straight years, are favorites in the Stanley Cup odds. Is there a possible sleeper team that could go on a magical playoff run in the NHL Playoff Bracket? Below I’ll list the odds for all eight remaining teams and offer up a selection that could skate away as champions.

2025 Stanley Cup Odds

Florida, who won in 2024 and was a finalist in 2023, are slight favorites over Carolina, who are searching for their first Stanley Cup since 2006. The next three squads with the shortest odds are all in the Western Conference in Edmonton, Dallas and Vegas.

Odds as of May 5, 2025 at 12:00 pm ET at Caesars Sportsbook.

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Stanley Cup Favorites 2025

It should come as no surprise that the Florida Panthers are the favorites at +440 to lift Lord Stanley, given that they did it last year and were in the Cup Final the year before that. In the first round, they dispatched of their state rival Tampa Bay in five games, setting up a date with the Toronto Maple Leafs.

The Panthers were tied fourth in scoring (3.80) and tied second in goals allowed (2.40). They’re favored to advance to the East Final despite the Leafs securing ten more points than them in the regular season. With Matthew Tkachuk back in the fold after a lengthy injury absence (five points in first round), and a plethora of stars on the squad, they’re going to be an extremely difficult team to oust.

The second choice to win the cup are the Carolina Hurricanes. I was all over them before the first round to win the Stanley Cup at +1100, based on their potential path not being as rough and tumble as teams from other divisions. They draw Alex Ovechkin and the Capitals in the second round.

In Ovi’s illustrious 19 NHL seasons, the Caps have only made it past the second round just once, in 2017, the year he won his Stanley Cup. Carolina has had their own issues, losing in the second round in three of the last four years.

The Canes surrendered a postseason-best 2.20 goals against per game in the first round against New Jersey. While I loved them to win it all at +1100, their current number of +475 gives me considerable pause.

Stanley Cup Longshot Pick

It’s pretty rare that the team that amassed the most regular season points (116) to win the Presidents’ Trophy would face the longest odds to win the Stanley Cup. The Winnipeg Jets fall into that category, after very nearly being extinguished out of the playoffs in the first round.

The Jets do face a stern test in round two against the Dallas Stars, though they won three of four meetings against them in the regular season. Winnipeg has been dominant all year long and can exorcise some playoff demons with a long run, given that they last made the Conference Final in 2018.

If they’re going to do it, it’ll have to include goaltender Connor Hellebuyck playing more like the Vezina Trophy winning netminder, as opposed to the goalie who was pulled three times in the first round. No question he has the capability to do it, given his accolades.

Should they get Mark Scheifele back from injury, and blueliner Josh Morrissey not be out for too long with his own ailment, they could go on a run. They recently saw the return of key forwards Nikolaj Ehlers and Gabriel Vilardi, which really help. At +1000 and the co-longest shot to win the Cup, you can do far worse than selecting Winnipeg for a Cinderella run.

Longshot Pick:

• Winnipeg Jets (+1000 at Caesars)