NHL Stanley Cup Odds 2023-24: Leafs Jump To Favorite After Free Agency

Vegas did it. After waiting six long years, they finally won the franchise's first Stanley Cup. Fans of the Leafs, Canucks and Sabres are all mad as hell — they've been waiting 50+ years to hoist the Cup.

So, do any of those aforementioned teams have a shot at winning the 2024 Stanley Cup and ending their drought?

Who has the best Stanley Cup odds?

The Toronto Maple Leafs Are Favored to Win the 2023-24 Stanley Cup

To answer the questions about Toronto, Vancouver and Buffalo, only the Maple Leafs are anywhere near contender status for the 2023-24 season. Toronto holds the best odds to win the Cup at +850.

There's no doubt about Toronto's regular-season success. The Leafs 484 regular-season points since 2018-19 are the fifth-most in the NHL. Getting to the playoffs isn't a problem for the buds. The problem is getting through the postseason.

Over the last five playoffs, Toronto holds a sad 16-21 record for a .432% win percentage. The Blackhawks and Coyotes hold better playoff win percentages. 

But obviously, oddsmakers have faith in Toronto's new crop of free-agent signings to change those playoff fortunes.

New digits 🔢 pic.twitter.com/y4ESOPEaNE

— Toronto Maple Leafs (@MapleLeafs) July 3, 2023

New GM Brad Treliving must be banking on his new signings adding some depth when his team gets to the playoffs.

Keep in mind Bertuzzi has only played seven playoff games, but scoring ten points in that small window is eye-popping. 

With that type of playoff production, Treliving is clearly hoping the Leafs can outscore their issues. Specifically in the net. 

I'm not convinced the Leafs should be the favorites here. Not until they can prove their goaltending can steal a series.

NHL Stanley Cup Odds: Best Value Bet

You know the favorite, now how about a side that might get you a bit more value in the Stanley Cup futures market?

New Jersey Devils

The Devils have it all. With Jack Hughes, Timo Meier and Jesper Bratt, the Devils have one of the better top lines in the league. That trio combined for 1.03 points per game this season. And then they went ad added Tyler Toffoli to a second line alongside captain Nico Hishier and Ondrej Palat.

On the back end, Dougie Hamilton scored 22 goals and 74 points through 82 games. And they'll add highly touted defensive prospect and Jack Hughes' brother Luke Hughes. The University of Michigan product scored 48 points in 39 NCAA games last season.

By letting Mackenzie Blackwell go, the Devils think Akira Schmid is the real deal. In 18 games last year, Schmid had a 0.922 SV% and 2.13 GAA. In the playoffs, he averaged a 0.921 SV% and 2.35 GAA.

If Akira Schmidt can become a star goalie like the Devils feel he can be, then just hand the Cup over to the Devils right now. 

Buffalo Sabres

I know they haven't made the playoffs in 12 years, but with the right acquisition, Buffalo could jump into the conversation. At +3300 it's not a bad idea to consider the Sabres. 

When I say "the right acquisition," I'm talking about a goalie. Buffalo's 293 goals were the third most in the NHL this year. The Sabres are fine offensively. On the blue line, they're set for years with 2018 and 2021 first-overall picks Rasmus Dahlin and Owen Power. But between the pipes, Buffalo has "a hope and a prayer."

Enter 2020 Vezina trophy winner Connor Hellebuyck. He won't re-sign in Winnipeg so the Jets have to move him ASAP before he becomes a UFA and losses all his value. Buffalo owns a ton of draft capital and has one of the strongest prospect pools in the NHL. The Sabres have the pieces to make a trade work. 

Getting Hellebuyck could be all Buffalo needs to not only get into the playoffs but maybe push all the way.

Cup Champions

When you look at this list, there aren’t too many shocks. The St. Louis Blues in 2019 are the one exception. At +3000 before the ’18-19 season began, they netted early bettors $3,000 on a $100 bet. But it gets better.

By the all-star break that year, the Blues were at the bottom of the NHL standings. Their odds to win the Stanley Cup were +10000. A $100 bet would have returned a whopping $10,000 in profits. Wild.

The eventual Stanley Cup champions over the last 10 years have had average opening odds of +1180, but take out that 2019 Blues championship and the typical Stanley Cup champion’s odds are +978.

NHL Teams With The Most Stanley Cups

Toronto sure has a lot of Cups, but they haven't won one, or even been to a Stanley Cup Final since that championship all the way back in 1967.

At the rate of parity in the NHL it's going to take a long time for any franchise to equalize and even pass Montreal's 24 Stanley Cup banners.

NHL Teams That Have Never Won A Stanley Cup

There are 11 teams, more than a third of the league, that have yet to put their hands on the Stanley Cup.

Now, technically the Ottawa Senators did win a few Stanley Cups. But the last championship took place before the invention of penicillin not to mention the Senators didn't exist between 1934 (when they moved to St. Louis) and 1992. So, I'm not going to count those. Sorry. 

Stanley Cup Betting Odds and Trends

How To Bet On Stanley Cup Odds

When it comes to betting on the NHL, odds are available before the puck drops in the regular season. Certain teams will always be contenders, especially if they won the Cup the previous year.

When sportsbooks set the lines, they look at offseason roster moves, coaching changes and past performance specifically the previous season. To bet on Stanley Cup odds, you’d make a futures bet.

Where To Bet On The Stanley Cup Futures

You can find updated Stanley Cup odds at most sportsbooks. If you're looking for recommendations on how to choose the best book for you, head over to our NHL sites review page.

How To Read Stanley Cup Odds 2024

This is a bet in which you would look at the Stanley Cup odds well in advance of the Stanley Cup Finals and back a specific team to win. Let’s say you want to make a futures bet today. The Stanley Cup odds might look something like this:

If this were a moneyline bet, you’d be able to see which team is the clear favorite because it would have a minus sign beside its moneyline odds (-). For Stanley Cup futures, the team with the lowest Stanley Cup odds is favored to win the NHL championship, and the rest are underdogs.

Let’s say you feel strongly about the Leafs and believe they’re going to end a Stanley Cup drought that’s lasted since 1967. If you were to bet $100 on them and they did triumph, you’d get a payout of $650 – your original $100 is returned along with your winnings of $550. Our Stanley Cup odds calculator will show you how much you’d win based on the odds and amount bet.

The Stanley Cup odds change throughout the season. Line movements for NHL futures happen frequently, so if you see Stanley Cup odds you like, it’s best to bet on them ASAP. The Leafs may be +600 to win the Stanley Cup in October but after a surge in December, their Stanley Cup odds could jump to +300 and you’ll make less money than you would if you’d bet them at +600.

What Are Stanley Cup Futures

A futures bet is betting on the outcome of an event before it takes place. When it comes to the Stanley Cup that means betting on who will hoist the league's top trophy well before it's awarded.