As of Saturday, April 26, 2025, the NHL Stanley Cup Playoffs are in full swing, with the first round delivering drama, overtime thrillers, and no shortage of surprises. With at least three games in each series, the landscape is starting to take shape, but no team has yet clinched a spot in the second round of the NHL playoffs. Below, we break down the current status of each series, the odds to advance, and which teams are emerging as favorites for the Stanley Cup.
Eastern Conference Series Summaries and Odds
Washington Capitals (M1) vs. Montreal Canadiens (WC2)
The Capitals, who finished first in the Metropolitan Division, lead the series 2-1 over the Canadiens. Washington’s depth and playoff experience have given them the edge, but Montreal’s young core has managed to steal a game, keeping the series competitive. The Capitals are strong favorites to advance, with series odds around -425, reflecting their status as one of the Eastern favorites. Their Stanley Cup odds have shortened to +850 as of April 24.
Carolina Hurricanes (M2) vs. New Jersey Devils (M3)
Carolina, currently up 2-1, has been dominant, powered by a breakout postseason from rookie Jackson Blake and a deep defensive corps. The Devils have battled injuries and struggled to contain the Hurricanes’ attack. Carolina is the consensus favorite to win the series and is now the overall Stanley Cup favorite at +500. The Devils, meanwhile, are long shots at +15000.
Toronto Maple Leafs (A1) vs. Ottawa Senators (WC1)
Toronto holds a 3-1 lead after surviving multiple overtime scares against Ottawa. The Senators have shown resilience, avoiding a sweep with an overtime win on Saturday, but the Maple Leafs’ offensive firepower, led by Auston Matthews, has been decisive. Toronto’s odds to advance are strong, and their Cup odds have improved to +750, making them one of the top contenders in the East. Ottawa’s odds of winning the Cup remain at +10000.
Tampa Bay Lightning (A2) vs. Florida Panthers (A3)
The Panthers lead 2-1 after the Lightning responded with a convincing 5-1 victory in Game 3. The series has been physical and contentious, highlighted by Brandon Hagel’s suspension for a hit on Florida’s Aleksander Barkov, who returned for Game 3. Florida remains a slight series favorite, but Tampa Bay’s experience makes this a toss-up. The Panthers are +750 to win the Cup, while Tampa sits at +1400.
Western Conference Series Summaries and Odds
Winnipeg Jets (C1) vs. St. Louis Blues (WC2)
Winnipeg, the Presidents’ Trophy winner, leads the series 2-1. The Jets’ balanced attack and strong goaltending make them clear favorites to advance, with series odds at -425. Their Cup odds are +700, reflecting their status as a top Western contender. The Blues, who snuck into the playoffs with a late surge, remain longshots at +10000.
Dallas Stars (C2) vs. Colorado Avalanche (C3)
Dallas holds a 2-1 series lead in what many consider the marquee matchup of the first round. Both teams are viewed as legitimate Cup threats, and the series has been tightly contested. Colorado’s odds to win the Cup are at +1100, and Dallas’s are at +1400. The winner of this series is expected to become the favorite in the West moving forward.
Vegas Golden Knights (P1) vs. Minnesota Wild (WC1)
This series is tied 2-2 after the Golden Knights rallied to even things up. The defending Western Conference champions, Vegas, are favored to advance with series odds around -240, and their Cup odds are +1000. Despite being underdogs at +4000, the Wild have shown they can compete with anyone when their goaltending holds up.
Los Angeles Kings (P2) vs. Edmonton Oilers (P3)
The Kings lead 2-1 in a series featuring two high-octane offenses and star power on both sides. Los Angeles has leveraged home ice and strong defensive play to gain the upper hand. Their Cup odds are +1200, while Edmonton, led by Connor McDavid, is at +1600. This series remains one of the most unpredictable in the first round.
Stanley Cup Odds: The Favorites and Dark Horses
As of April 26, the Carolina Hurricanes have emerged as the consensus favorite to win the Stanley Cup, with odds as short as +500. Their depth, goaltending, and postseason experience have made them the team to beat in the East. The Winnipeg Jets (+700) and Colorado Avalanche (+1100) are the top choices out West, with the Avalanche still attracting significant betting action despite trailing in their first-round series.
Other notable contenders include the Toronto Maple Leafs and Florida Panthers, both at +750, reflecting their strong starts and favorable bracket positions. The Vegas Golden Knights (+1000) and Dallas Stars (+1400) round out the teams with a realistic path to the Cup.
On the other end of the spectrum, teams like the St. Louis Blues, Ottawa Senators, and Montreal Canadiens are seen as longshots, each with odds of +10000 or longer. While upsets are always possible in the NHL playoffs, these teams face uphill battles in their current series and the broader Cup race.
Storylines to Watch
The first round has already delivered its share of drama, from overtime thrillers to controversial suspensions. The Toronto Maple Leafs are looking to end the NHL’s longest championship drought, while the Panthers hope to defend their title against a surging Lightning squad. In the West, the Dallas-Colorado series could determine the eventual Cup favorite, the Golden Knights’ battle with the Wild is shaping up to be a classic, and fans are enjoying the numerous upcoming NHL games and props on which to wager.
With no sweeps yet and every series still competitive, the 2025 NHL playoffs are living up to their reputation for unpredictability and excitement. As the first round nears its conclusion, expect the odds and narratives to shift with each game, setting the stage for a thrilling race to the Stanley Cup.