Olympic Hockey Odds 2026: Canada, USA Favored After Roster Announcements

• Canada and USA lead Olympic hockey odds after roster announcements, with Sweden and Finland longshots
• Sweden’s elite defense and deep goaltending give them upset potential despite forward depth concerns
• See below for full rosters, betting odds, and analysis for the 2026 Milan Olympics

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Olympic hockey rosters were announced this week, and the 2026 gold medal odds are now available to bet on. Canada leads the board at +135, with USA at +190 and Sweden at +550.

NHL players return to the Olympics for the first time since 2014. The tournament kicks off February 11 in Milan, with the gold medal game February 22.

I break down the rosters, analyze the odds, and tell you where the betting value is in men’s Olympic hockey.

Jump to: Canada | USA | Sweden | Finland

2026 Olympic Hockey Gold Medal Odds

Canada and USA are clear favorites after their 4 Nations Face-Off final went to overtime. Sweden sits as the third choice, with a big gap down to Finland and everyone else.

Canada’s +135 odds translate to a 42.6% implied probability, while USA at +190 is 34.5%. Sweden’s +550 odds give them a 15.4% implied chance at gold.

Odds as of January 3rd at FanDuel Sportsbook.

 

Team Canada Roster and Odds

Canada Roster Analysis

It’s hard to bet against Canada at +135 when you look at this roster. Connor McDavid and Nathan MacKinnon are two of the three best players on the planet. Cale Makar is putting up 47 points in 41 games and might be the best defenseman in hockey right now.

Canada won the 4 Nations Face-Off in February, beating USA 3-2 in overtime on a McDavid goal. MacKinnon was named tournament MVP after leading all scorers with four goals. That chemistry is already there.

The depth is ridiculous. Macklin Celebrini, the 19-year-old Sharks rookie, is third in NHL scoring and will skate alongside Sidney Crosby. That’s the youngest player to ever represent Canada in Olympic hockey in the NHL era.

But goaltending, as usual with Canada recently, is an issue. Jordan Binnington earned his spot with a strong 4 Nations performance, making 31 saves in the final. But this season with St. Louis? He’s posted a 3.44 GAA and .870 save percentage.

Logan Thompson has been solid with Washington, but neither he nor Darcy Kuemper have been dominant. If Canada runs into a hot goalie in the medal rounds, they could be in trouble.

Team USA Roster and Olympic Odds

USA Roster Analysis

The Americans are right behind Canada in the Olympic hockey odds. Team USA wants revenge after blowing a 2-1 lead in the 4 Nations final. They dominated Canada in the group stage but couldn’t close when it mattered most.

USA offers decent value at +190, but I’d prefer a longer price. Connor Hellebuyck is widely considered the best goalie in the world, giving them an edge over Canada in net. The Hughes brothers (Jack and Quinn) and Tkachuk brothers (Matthew and Brady) mark the first time since 1960 that two sets of siblings will represent USA at the Olympics.

Siblings suiting up 🇺🇸#WinterOlympics | #MTUSA pic.twitter.com/S9hYxQFrfr

— Team USA (@TeamUSA) January 3, 2026

The biggest question is the forward group. Matt Boldy leads all Americans with 25 goals, but guys like Auston Matthews and Jack Eichel need to produce more than they did at 4 Nations. The roster decisions were controversial too, leaving out Jason Robertson despite his 24 goals.

Quinn Hughes joining the team is massive. He was injured and missed 4 Nations, but the Norris Trophy winner gives USA another top-tier defenseman who can move the puck. Since arriving in Minnesota, Hughes has racked up 12 points in 12 games.

Team USA has earned its price in the Olympic odds after going toe-to-toe with Canada at 4 Nations. But you can’t deny the Canadians have more firepower, albeit at the cost of weaker goaltending. If you want to target a longshot with elite goaltending, there are better value options than USA.

Sweden Olympic Hockey Odds and Roster

Sweden Roster Analysis

This is where the value is in the Olympic hockey odds. Canada and USA are better teams on paper, but Sweden at +550 is being undervalued given their defense and goaltending.

The Swedes just won the 2026 World Junior Championship five days ago, beating Czechia 4-2. Of course, none of those youngsters will be in this tournament, but it speaks to the pipeline. At 4 Nations, Sweden went 1-0-2-0 with overtime losses to both Canada and Finland. They never lost in regulation.

The defense is stacked. Victor Hedman was named captain and anchors a blueline that includes three-time Norris winner Erik Karlsson, Buffalo captain Rasmus Dahlin, and Stanley Cup winner Gustav Forsling. Compare that group to any team not named Canada or USA, and Sweden has the edge.

🗣️ "The only thing I tell people is that it's a very rare and special opportunity to be a part of an Olympics."

With Sweden announcing their roster for #MilanoCortina2026, veteran Pittsburgh Penguins defenceman Erik Karlsson will look to guide the team using his Olympic… pic.twitter.com/LLIHM2trfR

— The Olympic Games (@Olympics) January 2, 2026

Filip Gustavsson is expected to start in net. He’s posted a 2.48 GAA and .912 save percentage this season in 27 games. But if Jesper Wallstedt gets a chance, he could steal the tournament with a .958 save percentage and four shutouts in his young career.

In tournament hockey, one hot goalie can win you gold. Sweden won Olympic gold in 2006 when Henrik Lundqvist made 25 saves, including a legendary stick save with 15 seconds left. Either Gustavsson or Wallstedt could be that guy in Milan.

The concern is forward depth. William Nylander leads the way with 47 points in 40 games, and 21-year-old Leo Carlsson has 42 points. But Sweden scored just seven goals in three 4 Nations games.

If they get into a high-scoring game with Canada or USA, they probably lose. But in a low-scoring, playoff-style game where goaltending dominates? They’re built for that.

Finland Olympic Hockey Roster

Finland Roster Analysis

Finland won gold at the 2022 Beijing Olympics without NHL players. Now they get their stars back, but they’re missing their best one.

Aleksander Barkov tore his ACL and MCL during training camp and is out for the season. That’s a massive blow, as the Panthers captain would have been Finland’s most important player. For this reason alone, it’s tough to justify a longshot wager on the Finns.

Florida Panthers GM Bill Zito on Aleksander Barkov missing the 2026 Olympics:

“It’s heartbreaking. That’s about all I can say… it’s heartbreaking.” pic.twitter.com/uszIHpCJRB

— Katie Engleson (@KatieEngleson) September 27, 2025

At least Finland still has depth. Mikko Rantanen leads the way with 56 points in 40 games, while Sebastian Aho is a point-per-game player. The Dallas Stars are well-represented with four players: Rantanen, Miro Heiskanen, Roope Hintz, and Esa Lindell. That chemistry could show up at times.

Heiskanen is one of the best defensemen in the world, averaging nearly 26 minutes per game. Juuse Saros provides them with elite goaltending, though his save percentage (.896) is affected by Nashville’s lacklustre defense. Kevin Lankinen was stellar at 4 Nations and owns the NHL’s best shootout save percentage.

At +1200, Finland isn’t the worst longshot on the board. They play structured, defensive hockey and have the goaltending to steal games. They beat Sweden 4-3 in overtime at 4 Nations on a Mikael Granlund winner. But without Barkov, I’m not betting them.

Olympic Hockey Betting Value

Canada deserves to be favored at +135. The roster is loaded with McDavid, MacKinnon, and Makar leading the way. They won 4 Nations when it counted. But Binnington’s .870 save percentage this season is a legitimate concern in a tournament where one hot goalie can end your run.

USA at +190 brings the best goalie in hockey with Hellebuyck. That alone makes them dangerous. But their forwards need to show up better than they did at 4 Nations, where they dominated the group stage but couldn’t finish the job in the final.

My money goes on Sweden at +550. Gustavsson has been steady all season, and if Wallstedt gets the net, he has the upside to become the tournament’s unsung hero. The blueline with Hedman, Karlsson, and Dahlin is tailor-made for playoff-style hockey.

The Swedes just captured World Juniors gold and pushed both Canada and Finland to overtime at 4 Nations without breaking. This is a nation with momentum on its side and talent across its Olympic roster.

Considering how often goaltending decides single-elimination games, Sweden’s defensive structure could become a major advantage. The market has them as a distant third. I think the gap is much smaller than the odds indicate.