Achieving a three-peat championship in any major professional sport is exceptionally difficult, especially in the contemporary NHL. The league has not witnessed a team win three or more consecutive Stanley Cups since the New York Islanders` four-year reign from 1980 to 1983. Furthermore, since the implementation of the salary cap in 2005, only three teams have managed to repeat as champions.
Against this historical backdrop, the two-time defending champion Florida Panthers are aiming to become the first team of the salary cap era to win three straight Stanley Cups. Initially, sportsbooks favored their chances, listing them as co-favorites (+700) for the 2026 title immediately after their 2025 victory, according to ESPN BET odds.
Their odds improved further over the summer, reaching +600 as solo favorites by late September, following team-friendly contract extensions for key players like Aaron Ekblad, Brad Marchand, and Sam Bennett. Even superstar Matthew Tkachuk`s offseason groin surgery failed to dampen Florida`s momentum, with ESPN BET senior director Adrian Horton noting significant public interest in the Panthers, as bettors understood the injury wouldn`t sideline him for the entire season.
However, the situation worsened on September 25 when captain Aleksander Barkov suffered a knee injury requiring surgery, effectively ruling him out for the entire regular season, and potentially longer. This led several sportsbooks to adjust Florida`s Stanley Cup odds, with ESPN BET moving them to +1000, placing them sixth on their odds board.
Despite these setbacks, public support for the Panthers remains strong. ESPN BET reports that the Panthers account for its highest share of Stanley Cup bets (17.1%) and handle (21.4%), while BetMGM shows them with the second-highest handle in the market at 13.8%.
ESPN BET has since adjusted Florida`s odds back to +900, tying them for second-best, and some sportsbooks, such as Caesars Sportsbook, never removed them from favorite status. Karry Shreeve, Caesars` head of hockey, explained that while Barkov`s injury influenced markets like the President`s Trophy and team point totals, he still views the Panthers as a legitimate Stanley Cup threat if they reach the playoffs.
“They`re really tricky. For us, it`s definitely dependent on what the market is. So those injuries, in my opinion right now, really just affect the regular season and everything that comes with that,” Shreeve told ESPN. “But we`re not ready to drop them in price significantly, at least for the Stanley Cup, just because I`m not convinced who`s going to fill their spot [in the playoffs].”
“Last season they faced a full gauntlet in the playoffs, eliminating tough opponents in Tampa, Toronto, Carolina, and Edmonton on their way to a second title,” Horton added via email. “Even if they struggle during the regular season, they`ve proved over the last two years that they need to be considered a favorite when gearing up for the postseason, especially if Barkov can return.”
A Crowded Field of Stanley Cup Contenders
The Panthers are, of course, not the only team eyeing the Stanley Cup. A robust group of contenders exists, with seven teams having odds of +1000 or shorter at ESPN BET.
Teams sharing +800 odds include the Carolina Hurricanes, Colorado Avalanche, and the Edmonton Oilers, who were Cup runners-up for two consecutive years. Slightly behind them are the Dallas Stars, Vegas Golden Knights, and the Panthers at +900, with the Tampa Bay Lightning at +1000.
Odds vary significantly across different sportsbooks. BetMGM, for instance, places Vegas as a co-favorite alongside Edmonton, while DraftKings lists Carolina as the sole favorite. ESPN BET has set competitive odds for the Hurricanes, anticipating that their talented core might finally achieve a breakthrough season.
“Carolina is one of the most consistently dominant teams we have seen in recent years, having recouped some talent over the summer as they look to make another deep run,” Horton stated. “Patrons will likely have their postseason struggles in mind, but it took the Panthers at full steam to eliminate them. We fully expect Carolina to be back battling in the playoffs.”
Despite their strong position, the Hurricanes haven`t attracted as much public betting interest, ranking fifth (6.5%) at BetMGM and seventh (5.7%) at ESPN BET for Stanley Cup bet share. Instead, bettors are primarily focusing on the Avalanche and Golden Knights among the top favorites.
Beyond the leading contenders, American bettors are increasingly looking north of the border. The Toronto Maple Leafs have emerged as one of the most-bet teams for the Stanley Cup across the sportsbook market, capturing a leading 10.6% of tickets and 15.0% of handle at BetMGM, which adjusted their odds from +2000 to +1600. Other Canadian teams are also gaining public attention.
“After a late season surge last year there is also betting interest in the Canadiens,” BetMGM senior trader Matthew Rasp noted in a release. “We expect Montreal to take another step forward and for liability to grow on the team.”
Consequently, Toronto has received the most bets (17.4%) to win the Eastern Conference, while Montreal holds the highest handle (20.1%) in that market at the sportsbook.
Generally, bookmakers aren`t overly concerned about Canada`s 33-year Stanley Cup drought ending, with the possible exception of Edmonton. Shreeve mentioned he is “comfortable” with the odds offered on the Leafs despite the betting activity, while DraftKings sportsbook director Johnny Avello anticipates the winner will likely come from the cluster of top favorites.
“The way I look at it, there`s no real clear-cut, short favorite,” Avello told ESPN. “This year, it`s more wide open at the top, and then you have a whole second tier of teams that are in that 20-to-40 range. There`s another 10 teams there. Could the Stanley Cup winner come from there? Absolutely. But the top tier has eight teams that we believe will contend for the title.”
The last preseason Stanley Cup favorite to actually win the title was the Avalanche (+600) in 2022.
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Can Money Buy the Hart Trophy?
The 2025-26 NHL season will feature the 100th awarding of the Hart Memorial Trophy for the league`s most valuable player. It seems fitting that a multiple-time winner and future all-time great is entering the campaign as a strong favorite.
Edmonton Oilers captain Connor McDavid leads the Hart Trophy odds at +200 on ESPN BET, holding a significant lead over Avalanche center Nathan MacKinnon (+475) and Lightning winger Nikita Kucherov (+650), both of whom are also former Hart Trophy recipients.
While McDavid`s preseason odds aren`t unprecedented (he had shorter odds in the previous two seasons), they are noteworthy given the widespread attention he receives. On the eve of Opening Night, McDavid signed a two-year, $25 million extension with the Oilers, putting an end to free agency speculation that followed the team`s second consecutive Cup Final defeat.
“With McDavid, it just helps that he`s inherently already going to be the favorite for a lot of these awards,” Shreeve explained. “So just because of who he is already … we don`t have to make him even more of a favorite.”
Regarding new contracts, Minnesota Wild superstar Kirill Kaprizov signed a record-breaking eight-year, $136 million deal in late September. This deal has likely fueled interest in him within the Hart betting markets. Kaprizov has attracted the most wagers at both ESPN BET and BetMGM, and holds the highest handle (17.6%) at the former. He is currently listed at +1200 odds on ESPN BET, placing him fifth on the board.
Bettors are also considering the possibility of a goaltender winning the Hart Trophy for a second consecutive year, following Winnipeg Jets netminder Connor Hellebuyck`s win last season. Bookmakers at BetMGM, DraftKings, and ESPN BET all report liabilities on goalies such as Hellebuyck (+3000), Tampa Bay`s Andrei Vasilevskiy (100-1), and the New York Rangers` Igor Shesterkin (100-1).
Shreeve considers this outcome “unlikely,” a sentiment supported by historical data: out of 99 Hart Trophy awards, only nine have gone to goaltenders, and only once in back-to-back years (Dominik Hasek in 1997 and 1998).
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Calder Betting: Keep an Eye on Ivan Demidov
The betting market for the Calder Memorial Trophy, awarded to the NHL`s rookie of the year, often presents unique challenges.
Shreeve observes that the total handle for the Calder winner is relatively small compared to other NHL futures markets, likely due to bettors` unfamiliarity with many of the names. “We just don`t know as much about these guys as we would in the NBA or NFL because we don`t grow up with these guys,” he commented. “A lot of them are European, a lot of them just playing in leagues we`re not familiar with.”
Consequently, these markets often see one prominent name emerge as the preseason favorite. This favorite sometimes lives up to expectations, as seen with Connor Bedard (-135) in 2023-24 and Auston Matthews (-130) in 2016-17. However, at other times, circumstances intervene; for instance, Connor McDavid, a +130 favorite in 2015-16, lost the award to Artemi Panarin (+2200) after sustaining an injury.
This year, the standout name is Ivan Demidov of the Canadiens, who is an overwhelming +165 favorite at ESPN BET. The next closest contenders โ Oilers forward Isaac Howard, San Jose Sharks forward Michael Misa, and Wild defenseman Zeev Buium โ are tied for second at +1200.
Given the general lack of widespread name recognition, bookmakers attribute Demidov`s favorite status to bettor activity rather than universal expert consensus. At ESPN BET, Demidov accounts for an impressive 73.1% of the handle for the award, and he also leads in both tickets and money at BetMGM.
“Demidov is an interesting case as he made a splash at the end of last season and is still eligible for the Calder this year,” Horton explained. “The media frenzy around his debut is a leading factor in the early opinion of him to be a standout favorite.”
The only other name drawing significant attention is Blackhawks defenseman Sam Rinzel (+2500), who, as Avello notes, has become a liability at DraftKings due to his long odds.
