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- The Washington Capitals were the biggest free agency winner in the 2027 Stanley Cup odds
- Utah climbed the board while free-spending San Jose watched its odds get longer
- Below, see how NHL free agency moved all 32 teams’ Stanley Cup odds
The wildest stretch of NHL free agency is behind us, and the 2027 Stanley Cup odds look different than they did a week ago. Some teams spent big and climbed the board, while others watched the market shrug them off.
I tracked the movement at sportsbooks, from just before the market opened on July 1 to where things sit now. Most numbers held steady, but the ones that jumped are worth a closer look in the latest Stanley Cup odds.
Here’s how NHL free agency moved the board, plus the winners and losers in the odds.
Stanley Cup Odds After Free Agency
Odds via FanDuel. The pre-FA column is from June 29, before the market opened on July 1, and the current odds are as of July 2. A negative percentage means the odds got shorter (better Cup chances), while a positive percentage means they got longer (worse Cup chances). Bolded teams saw the biggest moves.
Carolina still sits on top at +700 despite a quiet July, a sign the books trust the champs to contend again. Colorado (+750) and Florida (+800) round out the top three. The Panthers slipped a spot after losing Sergei Bobrovsky to Toronto.
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Shop the top NHL betting apps for the best prices on Stanley Cup odds, and don’t forget to register at prediction markets, where you can often get better lines.
NHL Free Agency Winners
Washington Capitals
Nobody moved more than the Caps, who jumped from +2000 to +1200. Washington had one of the busiest offseasons in the league, and it should help their Eastern Conference odds too.
Alex Ovechkin is back for a 22nd season on a one-year, $4.25M deal. He sits just 10 goals shy of Wayne Gretzky’s all-time combined record of 1,016. Around him, GM Chris Patrick signed Boone Jenner (4 years, $5.75M) and swung trades for Jordan Kyrou and Alex Tuch before July 1 even arrived.
Utah Mammoth
Utah quietly climbed from +3500 to +2700, one of the bigger jumps on the board. The Mammoth added veteran leadership without emptying the bank.
Anders Lee (3 years, $5.4M) arrives with 14 years of captain experience and 42 points from last season. Vincent Trocheck came over in a trade with the Rangers to steady the middle, and Kevin Stenlund (1 year, $2.75M) fills out the depth.
NHL Free Agency Losers
Anaheim Ducks
No team fell further than Anaheim, which slid from +2200 all the way to +4000. The Ducks basically became a donor team this summer.
John Carlson walked to Tampa Bay, Jacob Trouba signed in San Jose, and Radko Gudas landed in Florida. Losing three veteran defensemen with nothing similar coming back was enough to sink their number.
San Jose Sharks
San Jose is the one that stands out. The Sharks spent as aggressively as anyone else and still saw their odds lengthen, sliding from +4500 to +5500.
They gave Jacob Trouba (4 years, $8.25M) and Mason Marchment (5 years, $6.75M) big money and took on Darnell Nurse’s contract from Edmonton. That’s more than $24M tied up in three players on the wrong side of 30. The market didn’t treat it as a Cup move, and they’ve got ground to make up in the Western Conference odds.
Verdict on Latest Cup Odds
The board isn’t done moving. Camps aren’t until September, and a few names remain on the market, so these Stanley Cup odds will keep shifting through the summer.
The early read on free agency is a familiar one. The teams that made aggressive moves were rewarded, while those that stood pat or overpaid slipped. Through it all, Carolina is still the team to beat.
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