2026 Winter Olympics Ice Hockey: Betting Odds, Favorites, and Predictions

The wait is finally over. For the first time in over a decade, the world’s greatest hockey players have descended upon the Olympic stage. As the 2026 Winter Olympics ice hockey tournament kicks off in Milano Cortina, the atmosphere isn't just electric in the arena, it’s surging in the sportsbooks.

With NHL stars returning for the first time since Sochi 2014, we aren't just looking at a tournament; we’re looking at a historic betting event. From the resurgence of the "Big Two" to the "early sharper money" shifting the lines, here is everything you need to know about the landscape of Olympic puck.

Betting Favorites for the 2026 Winter Olympics Ice Hockey Tournament

The narrative heading into the event is clear: North American dominance is back. After years of tournaments featuring European-based pros and collegiate standouts, the "best-on-best" format has restored Canada and the United States to their perennial spots atop the odds board.

The Odds at a Glance

Per the latest from DraftKings and BetMGM, the hierarchy of the hockey world looks like this:

Canada enters as the favorite, led by a generational blend of veteran leadership and prime talent. With icons like Sidney Crosby providing the championship pedigree and superstars like Connor McDavid making their long-awaited Olympic debuts, the expectations are "gold or bust."

Meanwhile, Team USA is seeing an overwhelming amount of betting handle. Johnny Avello, Director at DraftKings, noted that the public loves a "plus" price on an American team they believe can win. With a roster featuring Auston Matthews and an elite defensive core, the Americans are narrowly edging out Canada in total betting volume at some major books.

Why the Betting Handle is Shattering Records

Bookmakers are bracing for what could be the most-wagered hockey event in history. This isn't just due to the Olympic name; it's the momentum built by last year’s 4 Nations Face-Off.

That NHL-run tournament served as a "proof of concept" for best-on-best international play. The final between the U.S. and Canada became one of the most-bet hockey games in legal sports betting history, and traders expect the 2026 Winter Olympics ice hockey tournament to blow those numbers out of the water.

"Anytime you're going to get the U.S. with a plus in any sport where the American public believes that this team can win, we're going to see the most money there."

— Johnny Avello, DraftKings Sportsbook Director

Karry Shreeve, Caesars’ head of hockey, estimates that 60% to 80% of all money wagered across the entire Winter Olympics could be concentrated on ice hockey. The return of the NHL creates a "narrative machine" that drives casual fans to the window.

The Sharps vs. The Public

While the general public is flooding the gates to back the U.S. at +175, "early sharper money" has been a different story. Professional bettors—the "sharps"—moved early on Canada, causing the gap between the Canadians and the Americans to widen slightly in the opening days of betting.

However, the sportsbooks are rooting for the favorites to survive the preliminary rounds. The ultimate goal for the books (and the fans) is a collision course between Canada and the USA in the later stages. As Shreeve noted, "We're rooting for USA and Canada to progress as far as they can before they meet up."

Looking for Value: The European Contenders

If you’re looking to fade the North American hype, the European rosters offer intriguing value. BetMGM trading manager Christian Cipollini mentioned that his book would "welcome bets" on the field, as the lopsided action on the U.S. and Canada creates a massive liability.

• Sweden (+650): The Swedes are the third choice for a reason. Their blue line is arguably the most mobile in the tournament, and with a roster full of NHL veterans, they are the most likely to spoil a North American final.

• Finland (+1000): The defending 2022 champions (from the non-NHL era) thrive on structure. Their system-heavy play is designed to frustrate high-octane offenses.

• Germany (+5000): If you’re looking for a "flyer," traders have highlighted Germany as a team to watch. They have a history of overperforming in tournament formats and possess enough top-end talent to pull off a single-game upset.

Tournament Format and Key Matchups

The tournament features 12 teams divided into groups, and the early schedule is already drawing massive interest. The format is forgiving early on, but seeding is vital to avoid the "Group of Death" in the knockout stages.

Must-Watch Opening Games:

• Canada vs. Czechia (Thursday): Canada opens as a -500 money-line favorite. This will be an immediate test of how quickly the Canadian superstars can find chemistry against a disciplined Czech squad.

• USA vs. Latvia (Thursday): The Americans are massive -2400 favorites. While the outcome isn't in much doubt, bettors will be watching the puck line to see if the U.S. offense is as explosive as advertised.

Final Thoughts

The return of professional stars to the international stage has turned this tournament into a cultural reset for the sport. With the NHL back in the fold, the rivalries feel real, the stakes feel massive, and the betting boards are reflecting that intensity. Whether you're backing the star-studded Canadian roster, the deep American squad, or a European underdog, the next two weeks will be a masterclass in high-stakes hockey.