NHL Playoff Betting Odds: How to Wager on Round Two of the Stanley Cup

With round one of the 2025 Stanley Cup Playoffs in the rearview mirror, we look ahead to the rest of the tournament, the teams still around, and their chances of lifting the Stanley Cup trophy.

Since publishing our introduction to the NHL Playoffs, the intensity of the tournament has certainly ramped up. We are now into the second round, with eight teams battling for a spot in the Conference Finals.

Before we analyze how the teams stack up in each showdown, here are the latest NHL Playoffs betting odds for round two:

• Carolina Hurricanes (-230) vs. Washington Capitals (+190)
• Edmonton Oilers (-550) vs. Vegas Golden Knights (+400)
• Toronto Maple Leafs (-125) vs. Florida Panthers (+105)
• Winnipeg Jets (+175) vs. Dallas Stars (-220)

Carolina Hurricanes vs. Washington Capitals

The Carolina Hurricanes entered the playoffs as one of the top three favourites to win the Stanley Cup. Rod Brind’Amour’s team proved their worth in the first round by quickly dispatching New Jersey in a 4-1 victory.

The Hurricanes had the best home record in the league this season and won all three of their home games against the Devils in the first round. They won’t be playing at home until the second half of the series, though. The Caps also took care of business in the first round, beating Montreal 4-1. More importantly, Washington has home ice advantage in this round.

There’s a chance Washington can stretch this series out a bit if they play well at home. I firmly believe this matchup won’t be over quickly. If you’re looking for value, betting on this series to go at least six games is the perfect play.

Edmonton Oilers vs. Vegas Golden Knights

The Edmonton Oilers upset the NHL expert’s picks to beat the Los Angeles Kings in the first round and look like strong candidates to pull off another shock win against the Vegas Golden Knights.

Connor McDavid’s Oilers are one of the best attacking outfits in the NHL, and they already have a two-game lead in the series. Once they get going, it’s hard to see them losing momentum. My best bet for Round 2 is backing the Oilers to win the series and progress to the Western Conference Finals at odds of -550.

I’m not the only one buying Oilers stock. The current Stanley Cup odds in Canada have Edmonton as the favourite to win the championship this year. Ice hockey betting sites in Canada give them +350 odds of lifting the Stanley Cup trophy. The Stars and Hurricanes are next in line on the odds board, with both teams currently sitting at +450 to win the Stanley Cup.

However, even if the Oilers get past the Golden Knights like I think they will, I don’t think they are a lock to make the finals. Edmonton lost both their season series against the Jets and the Stars. They will face one of those two teams in the next round, so I’d be cautious about putting all your money on the Oilers.

Toronto Maple Leafs vs. Florida Panthers

The Florida Panthers were the number one favourite to win the Stanley Cup before the first round started. They were +750 odds to lift the trophy, just a hair better than the Avalanche and Hurricanes’ +800 odds.

In the second round, though, the market has cooled on the Cats. They are now the underdogs to advance after going down 2-1 to the Toronto Maple Leafs.

The Leafs have +600 odds to win the cup, while the Panthers are one of the top four favourites with +550 chances. For my money, I agree with the betting odds. The Leafs definitely have the advantage, having dominated the regular season series by converting five of their 11 power play opportunities.

On the other hand, Toronto converted just one of nine and have not been convincing in power play situations so far. I’m willing to put my money on the Leafs’ luck running out, and the Cats pull it out to win this series.

Winnipeg Jets vs. Dallas Stars

This is the tightest match on paper of the entire NHL Playoffs so far. The Winnipeg Jets lifted this year’s President’s Trophy behind an all-time defence, while the Dallas Stars’ brutal offence can cause any team problems.

That said, both teams looked vulnerable in the first round. They needed seven games each to advance past St. Louis and Colorado, respectively, and are both missing star players through injury. Defenceman, Miro Heiskanen’s absence, could be a real blow for the Stars, especially if they somehow end up in a shoot-out with the Jets.

I give a slight edge to the Stars, but it’s tough to pick a winner here. I have no strong betting convictions here, but if I had to make a pick, it would be for this series to go at least six games.

Based on the matchups and current bracket, my pick to win the Stanley Cup is the Dallas Stars at odds of +350.

Here’s how NHL betting sites rank the teams in terms of odds:

• Edmonton Oilers (+350)
• Dallas Stars (+350)
• Carolina Hurricanes (+450)
• Florida Panthers (+550)
• Toronto Maple Leafs (+600)
• Winnipeg Jets (+950)
• Washington Capitals (+1000)
• Vegas Golden Knights (+1800)