Stanley Cup playoffs odds: Ovechkin, Caps favored to advance in Game 5

The 2025 Stanley Cup Playoffs have begun with 16 teams looking to be the last one standing after four grueling rounds of playoff hockey action. The Florida Panthers return to defend their championship and are off to a strong start, up 3-1 against their cross-state rival Tampa Bay Lightning with a chance to clinch at 7:30 p.m. ET on ESPN2. Oddsmakers have the Lightning as slight -115 favorites to win Wednesday and keep the series going.

The Panthers have the second-shortest odds to win the East behind only the Carolina Hurricanes, who were the first team to punch their ticket to the second round after knocking off the New Jersey Devils in double OT on Tuesday.

The Toronto Maple Leafs, looking to snap the longest championship drought in NHL history, are up 3-1 on their provincial rivals, the Ottawa Senators, but the Senators took a dramatic Game 4 win in OT to extend the series before shutting out the Leafs in Game 5 to make the series 3-2. The Washington Capitals have a chance to finish their series against the Montreal Canadiens on Wednesday at 7 p.m. ET on ESPN, with the Caps favored on the money line at -190. All-time regular season goal scoring record-holder Alex Ovechkin has three goals this series.

In the West, two of the favorites clash in the first round as the Dallas Stars take on the Colorado Avalanche with the Stars currently up 3-2. The Winnipeg Jets and St. Louis Blues are even after the Blues scored five goals on Vezina trophy favorite Connor Hellebuyck in Game 4. Game 5 is Wednesday at 9:30 p.m. ET on ESPN as the Presidents Trophy-winning Jets look to reclaim the series lead against the resilient Blues.

The Minnesota Wild trail the Vegas Golden Knights 3-2 in the series after Brett Howden's OT winner in Game 5 on Tuesday. The Edmonton Oilers lost both their opening road games to the Los Angeles Kings but have won the next three to take the lead in the series.

Last year's Conn Smythe Trophy winner, Connor McDavid, won the top award for playoffs MVP despite his team not winning the championship, but he will first need to lead get his team past the Kings to have a chance to repeat. Below, you can see all of the top favorites for Conn Smythe, as well as the odds for every team to win their opening-round series, advance to, and to win the Stanley Cup.

All odds accurate as of publish time. For more, go to ESPN BET.

Odds to win Conn Smythe trophy

The Conn Smythe is awarded to the player deemed to have been the most valuable to his team throughout the playoffs. Players listed with 100-1 odds or better. More odds available at ESPN BET..

Nathan MacKinnon, Avalanche: 12-1
Sebastian Aho, Hurricanes: 12-1
Connor McDavid, Oilers: 14-1
Auston Matthews, Maple Leafs: 16-1
Jack Eichel, Golden Knights: 16-1
Jake Oettinger, Stars: 18-1
Sergei Bobrovsky, Panthers: 18-1
Seth Jarvis, Hurricanes: 18-1
Adrian Kempe, Kings: 20-1
Aleksander Barkov, Panthers: 20-1
Anthony Stolarz, Maple Leafs: 20-1
Connor Hellebuyck, Jets: 20-1
Leon Draisaitl, Oilers: 20-1
Matthew Tkachuk, Panthers: 20-1
Mitch Marner, Maple Leafs: 20-1
Nikita Kucherov, Lightning: 20-1
Alex Ovechkin, Capitals: 25-1
Andrei Svechnikov, Hurricanes: 25-1
Cale Makar, Avalanche: 25-1
Darcy Kuemper, Kings: 25-1
Dylan Strome, Capitals: 25-1
Frederik Andersen, Hurricanes: 25-1
Pyotr Kochetkov, Hurricanes: 25-1
Tomas Hertl, Golden Knights: 25-1
Andrei Vasilevskiy, Lightning: 30-1
Kirill Kaprizov, Wild: 30-1
Kyle Connor, Jets: 30-1
Logan Stankoven, Hurricanes: 30-1
Mark Scheifele, Jets: 30-1
Sam Reinhart, Panthers: 30-1
Anze Kopitar, Kings: 40-1
Mackenzie Blackwood, Avalanche: 40-1
Mikko Rantanen, Stars: 40-1
Wyatt Johnston, Stars: 40-1
Adin Hill, Golden Knights: 50-1
Brayden Point, Lightning: 50-1
Jaccob Slavin, Hurricanes: 50-1
Mark Stone, Golden Knights: 50-1
Roope Hintz, Stars: 50-1
John Tavares, Maple Leafs: 60-1
Kevin Fiala, Kings: 60-1
Logan Thompson, Capitals: 60-1
Matt Boldy, Wild: 60-1
William Nylander, Maple Leafs: 60-1
Evan Bouchard, Oilers: 75-1
Jake Guentzel, Lightning: 75-1
Jordan Binnington, Blues: 75-1
Pavel Dorofeyev, Golden Knights: 75-1
Brady Tkachuk, Senators: 100-1
Carter Verhaeghe, Panthers: 100-1
Charlie Lindgren, Capitals: 100-1
Filip Gustavsson, Wild: 100-1
Jason Robertson, Stars: 100-1
Linus Ullmark, Senators: 100-1
Miro Heiskanen, Stars: 100-1
Quinton Byfield, Kings: 100-1
Robert Thomas, Blues: 100-1
Sam Bennett, Panthers: 100-1
Thomas Harley, Stars: 100-1
Tim Stutzle, Senators: 100-1
Tom Wilson, Capitals: 100-1