Olympic Hockey Odds After Initial Roster Release – Who’s Favored, Canada or USA?

• The 12 countries in the 2026 Olympic ice hockey tournament have named their first six players
• Canada continues to be the betting favorite for the Milan/Cortina Olympics
• See the updated Olympic hockey odds for all 12 teams in the tournament

The 2026 Olympics are scheduled for Feb 6th to 22nd in Milan and Cortina, Italy. This will mark the first time since 2014 that NHLers will participate in the Olympics, which has led to a massive increase in interest around the tournament. On Monday, the 12 teams that have qualified for the Olympic ice hockey tournament each named the first six players that will comprise their 22-man rosters.

With Russia still banned, the odds continue to heavily favor Canada and the USA, who just went toe-to-toe in a thrilling final at the 2025 Four Nations. The table below lists the odds for all 12 teams. Under the table, find the initial rosters for all 12 teams, listed in order of their odds to win gold.

Jump to a roster: Canada | USA | Sweden | Finland | Switzerland | Czechia | Germany | Slovakia | Denmark | France | Italy | Latvia

Olympic Ice Hockey Odds (2026)

Canada is sitting at +175 (36.36% implied win probability) with the USA right behind at +200 (33.33% implied win probability). Together, the two North American teams are given a 69.69% chance of winning gold. Sweden is the third-favorite at a distant +500 (16.67%). No other team is shorter than +800 (11.11%).

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Canada Roster

The only moderate surprise on the Canada roster is Sam Reinhart, who was chosen over the likes of Brad Marchand. But it’s hard to quibble; Reinhart backed up a breakout 57-goal season in 2023-24 with a 39-goal, 81-point campaign this season, and has been an integral part of Florida’s push for a second straight Stanley Cup.

The questions for Canada, of course, will come in net. Jordan Binnington turned back the clock to win the Four Nations. With the US boasting reigning Hart Trophy-winner Connor Hellebuyck in net, and Sweden touting Jacob Markstrom, the Canadians will likely have – at best – the third-best tendies in the tournament.

The Canadians won the last two Olympic hockey tournaments that included NHLers: Vancouver 2010 and Sochi 2014.

USA Roster

No surprises whatsoever here. Auston Matthews, Jack Eichel, Quinn Hughes, a couple Tkachuks. Business as usual for the USA. It’s somewhat strange that Hellebuyck wasn’t tabbed, but there’s no doubt he’ll be the USA #1 if he’s healthy come February 2025.

The USA is searching for its first gold medal since the 1980 “Miracle on Ice”. They have just two silver medals since 1980 (Salt Lake City 2002, Vancouver 2010).

Sweden Roster

Sweden doesn’t have the top-end talent it’s had in previous generations, so it’s top six doesn’t wow. But there won’t be much drop-off when the rest of the roster is announced. Swedes that didn’t make the top-six include: Jesper Bratt (who led all Swedes with 88 points in 2024-25), Filip Forsberg (76 points), Rickard Rakell (70 points) Mika Zibanejad (62 points), and Erik Karlsson (53 points).

Sweden and France are the only teams that didn’t name a single true center to their six-man rosters.

Sweden’s last gold medal came in Turin in 2006. Stunningly, the Swedes haven’t even medaled in four Olympic tournaments since that gold medal.

Finland Roster

Finland currently has fourth-best odds (tied with Switzerland) but is able to ice a top-six that could contend with anyone on any night.

Florida’s Sasha Barkov, who captained the Panthers to a Stanley Cup win in 2024 and is one game away from going back to back, will bring championship experience and ludicrous two-way talent. Sebastian Aho will do the same, giving the Finns two centers that will be immensely difficult to score on.

Finland will enter Milan/Cortina as the reigning Olympic champions, beating the Athletes from Russia 2-1 in the gold-medal game in Beijing in 2022.

Switzerland Roster

The Swiss have suddenly become a world hockey power. They are the runner-up at the last two IIHF World Championships (and also 2013 and 2018).

Kevin Fiala (35 goals, 60 points) has become one of the most-consistent goalscorers in the league, hitting 20-plus in each of the last six seasons. Former #1 overall pick Nico Hischier has had three straight 20-goal, 60-point seasons. Roman Josi, now 35, is coming off the worst season of his storied career, however. He was a brutal -26 in just 53 games for the Predators.

Switzerland hasn’t medaled since a bronze in 1948.

Czechia Roster

Czechia doesn’t boast the intimidating roster is used to at the height of the Jaromir Jagr/Patrik Elias/Dominik Hasek era. But there is still top-end talent in the form of David Pastrnak (43 goals, 106 points) and Marty Necas (27 goals, 83 points).

The issues will come on defense. The Czech’s only named on defenseman – 35-year-old sh*t-tank Radko Gudas.

Since winning gold at Nagano 1998, the Czech’s have just one medal (bronze at Turin 2006).

Germany Roster

The top-heavy Germans have an impressive six-man roster, headlined of course by Edmonton’s Leon Draisaitl, who is coming off his fourth 50-goal season (52 goals, 106 points). Draisaitl’s 52 goals were enough to earn him his first Rocket Richard Trophy.

Moritz Seider has been a beast on the Detroit blueline ever since his Calder Trophy-winning rookie season. He’s played all 82 games in each of his first four seasons, while scoring at least 42 points in each one. Last year, he logged a career-high 25:04 TOI, which was tied for the eighth-highest in the entire NHL.

Germany’s last medal was a surprise silver at Pyeongchang 2018.

Slovakia Roster

Slovakia has a decent top-six, highlighted by 2022 first-overall pick Juraj Slafkovsky, and 2022 second-overall pick Simon Nemec. Slafkovsky is coming off a career-best 51-point season for the Habs.

Slovakia’s first and only Olympic ice hockey medal came at Beijing 2022, where they upset Sweden 4-0 in the bronze-medal game.

Denmark Roster

The Danes boast five NHLers among their six initial players, headlined by Nikolaj Ehlers, who had 63 points in 69 games for the Jets this season, the second-highest total of his career.

With Carolina’s Frederik Andersen backstopping the team, Denmark will be in a better position than most between the pipes.

France Roster

The French roster boasts just one current NHLer, the Blues’ Alexandre Texier. But 40-year-old Pierre-Edouard Bellemare has 700 games of NHL experience (64 goals, 138 points), most-recently playing 40 games with the Kraken in 2023-24.

France has never medaled in Olympic ice hockey.

Italy Roster

The host Italians are the only team without an NHLer on their roster. They last appeared in the Olympics in 2006, when they were also the hosts (Turin). They finished 11th out of 12 teams, managing two tied during five preliminary-round games.

Alongside France and Latvia, Italy is just one of three countries in the tournament that has never won an Olympic ice hockey medal.

Latvia Roster

Surprisingly, the Latvians are also priced at +25000, alongside France, Italy, and Denmark, despite all six of their players having at least a modicum of NHL experience. Latvia has also had a decent amount of success at recent international tournaments, winning bronze at the 2023 IIHF World Championship on home ice.

Latvia is the only team to name two goalies to its six-man roster: Vancouver’s Arturs Silovs and Columbus’ Elvis Merzlikins. These six player were the only Latvians to play in the NHL in 2024-25.