Stanley Cup Odds Ahead of Second Round of NHL Playoffs (Panthers Favored to Repeat)

Iain MacMillan | May 5, 2025

The Panthers are favored to win the Stanley Cup for the second straight year ahead of their second round series against the Maple Leafs. / Jim Rassol-Imagn Images

The first round of the NHL Playoffs are in the books and the second round is set to begin on Monday night with Game 1 action between the Florida Panthers and Toronto Maple Leafs.

Before the second round starts, let's pause to take a look at the latest odds to win the Stanley Cup. Despite the opening round giving us some unbelievable moments, the Dallas Stars were the only team to win as underdogs in the opening round, set at plus-money to beat the Colorado Avalanche.

That means all eight remaining teams have a legitimate shot to win it all. The longest odds on the board at just 10-1, something we haven't seen in the second round in recent memory. It's all setting up for must-watch television on a nightly basis.

Odds to Win Stanley Cup After Round 1

Odds via FanDuel Sportsbook

• Panthers +410
• Stars +420
• Hurricanes +490
• Oilers +550
• Golden Knights +600
• Capitals +1000
• Maple Leafs +1000
• Jets +1000

The Florida Panthers are favored to win the Stanley Cup in back-to-back years after eliminating the Tampa Bay Lightning in the opening round. The Panthers have won the Eastern Conference in two straight years and won the Stanley Cup last year, beating the Edmonton Oilers in seven games.

The Dallas Stars, after needing a late third-period comeback against the Avalanche in Game 7 in order to advance, are right behind the Panthers at +420 odds. The Washington Capitals, Toronto Maple Leafs, and Winnipeg Jets are all tied at 10-1 for the longest odds. While those teams all still have a legitimate shot, it's clear the oddsmakers believe the Panthers, Stars, Hurricanes, Oilers, and Golden Knights are a step above them ahead of the second round.

Who Will Win the Stanley Cup?

If I'm placing a bet on the Stanley Cup winner before the puck drops in the second round, I'm taking the Hurricanes at +490. They have continuously been a top three team in virtually every metric for the past handful of years but have failed to live up to their potential then the playoffs come around. This year could be different. Not only do they have the advanced metrics of a Stanley Cup winner, but they have been getting unbelievable goaltending as well. Frederik Andersen posted a strong .936 save percentage against the Devils in Round 1, the best amongst all goalies in the first round.

If Andersen can keep that level of play up, Carolina is going to be tough to beat.

Pick: Hurricanes +490

NHL Playoffs Round 2 Series Odds and Predictions

• Panthers -184 (64.79% implied probability)
• Maple Leafs +150

The Panthers' only problem in the regular season was they struggled scoring at times. They fixed that in the first round, scoring on 14.84% of their shots on goal. They're going to be a tough team for anyone to beat, let alone a Maple Leafs team that is notorious for not showing up in the postseason.

Pick: Panthers -184

• Hurricanes -170 (62.96%)
• Capitals +140

The Hurricanes have the advanced metrics and now they have the goaltending. Carolina also has the best penalty kill in the league, which is going to go a long way in shutting down Alexander Ovechkin and the scoring of the Capitals. Washington is in over its head in this one.

Pick: Hurricanes -170

• Oilers -102
• Golden Knights -118 (54.13%)

The Oilers have everything you want in a Stanley Cup winner except for goaltending. They benched Stuart Skinner in favor of Calvin Pickard, who didn't do much better, sporting an .893 save percentage against the Kings. The Golden Knights are too deep to lose to a team with a glaring weakness like the Oilers do.

Pick: Golden Knights -118

• Stars -166 (62.41%)
• Jets +138

I might be naive in trusting Connor Hellebuyck, but the likely back-to-back Vezina Trophy winner is too good a goalie to fail to show up in this series. Doing enough in a double-overtime Game 7 against the Blues could have been exactly what he needed to get his confidence back. The Jets had the second back expected goal differential amongst all teams in the opening round at +0.82 goals per 60 minutes. I love them as underdogs in this series, especially with home ice advantage.

Pick: Jets +138

---

Create a new FanDuel Sportsbook account, and you can get $250 in bonus bets if you win your first $5 wager. Download the FanDuel app and deposit a minimum of $5 to claim your new-user bonus today.

Odds refresh periodically and are subject to change.

If you or someone you know has a gambling problem and wants help, call 1-800-GAMBLER.

You can check out all of Iain's bets here!