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Shockingly the betting favorite to win the Stanley Cup and the defending Stanley Cup Champions have been eliminated from the NHL playoffs in the first round. With disappointing ends to the Boston Bruins and Colorado Avalanche’s seasons comes a new betting favorite to win Lord Stanley’s Cup.

With only the New York Rangers and New Jersey Devils remaining to finish a first-round series, we’re looking ahead to round two and at the odds of the new favorites to win the Stanley Cup.

Updated NHL Odds to Win the 2023 Stanley Cup

2023 Stanley Cup Playoffs: April 17 – TBD

Toronto Maple Leafs (+370)

It goes without saying that after the Toronto Maple Leafs finally defeated the Tampa Bay Lightning and escaped the first round of the playoffs, the Maple Leafs would jump from one of the favorites to the betting favorite to win the Stanley Cup.

Sure, it might be overzealous Toronto fans indulging in fantasy and helping push the line in the Maple Leafs’ favor, but this Toronto squad is for real.

The Maple Leafs finished the regular season with the fourth-best record overall and the heavy favorite against the Florida Panthers in the second round.

Edmonton Oilers (+410)

The best player in hockey, Connor McDavid, and the Edmonton Oilers take the second spot in the updated odds to win the Stanley Cup.

The Oilers eliminated the Los Angeles Kings in six-game series that was close throughout. The Oilers have won four of the last five and thirteen of the last fifteen games.

With McDavid and tag-team partner Leon Draisaitl leading the way, the Oilers are among the favorites to win the Stanley Cup, although they face a difficult task in round two.

Dallas Stars (+590)

The Dallas Stars eliminated the Minnesota Wild after six physical games.

While the Stars likely thought a matchup with the Central Division-winning Colorado Avalanche was likely, the high-powered Stars’ offense and world-class goaltending give them the edge over the Seattle Kraken.

With a wild-card team on the schedule, Dallas has an "easier" route to the conference finals than most, making their odds of winning the Stanley Cup better.

Vegas Golden Knights (+630)

The Vegas Golden Knights took advantage of the Winnipeg Jets’ mounting injury concerns, eliminating the Jets in five games.

While Vegas has shown their goaltending depth throughout the season, the Golden Knights’ defense and goaltending are about to be tested by the two-headed McDavid/Draisaitl monster from Northern Alberta that led their squad to the best offensive stats in the league.

However, if Vegas does beat Edmonton, they’ll likely be the betting favorites to emerge from the Western Conference.

Carolina Hurricanes (+730)

The Carolina Hurricanes did what the team with the second-best record in the NHL should have done in the first round: win. The Hurricanes eliminated the New York Islanders in six games in what was mostly a close series.

Regardless of who the Hurricanes face in round two, they’ll be the favorites and should be a heavy favorite to emerge from the Eastern Conference to play for Lord Stanley’s Cup.

Florida Panthers (+1000)

What happened?

The Florida Panthers handed the Boston Bruins – the best regular season team in NHL History – their second three-game losing streak this season, erasing a 3-1 series deficit against the mighty Bruins.

The challenge doesn’t get easier for Florida as they face the Toronto Maple Leafs, who look every part of the favorite to win the Stanley Cup.

However, there’s an old saying: “If the shoe fits, wear it.” Could the Florida Panthers fit into Cinderella’s long-shot slippers and embark on the Panther’s first run to the Stanley Cup finals since 1995-96?

Seattle Kraken (+1475)

The Seattle Kraken are missing a few key contributors on offense but scored by committee in their first-round upset of the defending champion Stanley Cup Champion Colorado Avalanche.

Seattle is a long shot to win the Stanley Cup, but as the sixth-highest-scoring regular season team in the NHL, there is always a chance to outscore the opposition.

The Kraken have a 1-1-1 record against Dallas this season and will see their odds to win the Stanley Cup improve if they can keep the Stars’ high-powered offense in check and win a couple of games early.

New Jersey Devils (+1200)/New York Rangers (+1350)

The New Jersey Devils and New York Rangers’ odds to win the Stanley Cup are currently not very representative of their chances from the second round onward, with game seven still to come.

Whichever of these two teams emerges from game seven victorious has the Carolina Hurricanes rested and waiting for them. The Rangers might have the better chance of moving on to the Eastern Conference finals, having a 3-1 record against the Hurricanes this season, compared to the Devils’ 2-2 record.

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