The hockey world saw unprecedented numbers over the past week, as the 4 Nations Face-Off grabbed the attention of millions of viewers.
While these weren't NHL games by league standards, the tournament was sponsored by the league. For the 4 Nations Final, USA vs. Canada generated 9.3 million viewers which equated to the most-watched hockey game in over 30 years.
Additionally, it was the most-bet hockey event in DraftKings and BetMGM history, while five of the top seven most-bet hockey games this season were 4 Nations games. It sets an extraordinary precedent for what's to come with the NHL Playoffs in less than 30 games.
Now that the 4 Nations Face-Off has concluded, it's time to look back toward the NHL season and the favorites to win the Stanley Cup.
Let’s take a look at Kalshi's Stanley Cup odds to see if there is any value.
2025 NHL Stanley Cup Odds
Can the Edmonton Oilers Conquer the Ghost of Their Past?
The Edmonton Oilers have the best chances to win the Stanley Cup. Edmonton would be in familiar territory after reaching Game 7 of the Stanley Cup Finals last year, only to lose it to the Florida Panthers.
Connor McDavid, the overtime hero during the 4 Nations Final, is still yearning for his first Cup in his illustrious career. For years, he and Leon Draisaitl have lit up the league to be the league's most elite duo, but Lord Stanley's Cup evaded them.
No Canadian team has won a Cup since 1993 when the Montreal Canadiens defeated Los Angeles Kings.
Carolina Hurricanes Not Afraid to Make Another Big Splash
Carolina has been near the top of this list for most of the season, and it has the second-best odds of hoisting the Cup. The Hurricanes have made the playoffs every season since 2018-19, but the Stanley Cup Finals have always avoided them.
Recently, they made a trade to acquire superstar forward Mikko Rantanen, who has averaged over 100 points for the past three seasons. His addition has instantly raised Carolina's ceiling, however there's talk of the Canes flipping him to another team due to his potential free agency demands this upcoming offseason.
Will We See a Repeat from the Panthers?
Our reigning, defending Stanley Cup champions, the Florida Panthers are given a 9% chance to repeat their nearly immaculate season last year. However, all eyes fall on Panthers star, Matthew Tkachuk, who won over the hearts all across America during the 4 Nations Face-Off.
After an exceptional tournament though, Tkachuk was hampered with what seems to be a groin injury and missed the entire second half of the final USA vs. Canada matchup. Given Tkachuk's uncertainty, it makes sense as to why Florida's odds have dropped.
The Best: A Gift and a Curse for the Jets
As of February 21, the Winnipeg Jets have the best record in the NHL but only have the ninth-best odds to win the Cup at 7%.
This is no accident, as history doesn't seem to favor the Jets. The last time a Presidents Trophy winner (best overall regular season record) won the Stanley Cup, was the 2012-13 Chicago Blackhawks. Since then, only two teams (the New York Rangers twice) advanced to the Conference Finals, and two teams even fell in the first round.
Let's also not forget Winnipeg's tumultuous history. Since making the Conference Finals in 2018, the Jets have made the playoffs five times in the past six seasons but only have won one series.
What is Kalshi?
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Kalshi operates on a contract-based system where users buy "contracts" (priced between 1–99 cents) based on whether they believe a specific event will happen. The price of each contract fluctuates in real time based on market sentiment and like the stock market, traders can sell positions early to lock in profits (or minimize losses).
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