Betting surged during the 2025 Stanley Cup Playoffs—but not all books walked away with warm margins.
The Stanley Cup Playoffs Delivered a Betting Bonanza
This year’s Stanley Cup Playoffs didn’t just captivate hockey fans—they drove record-breaking action at sportsbooks across North America. Fueled by a dramatic final series and the growing popularity of in-play and parlay betting, operators reported one of the most active NHL betting periods in recent memory. From pre-game moneylines to micro-bets on faceoffs and power plays, the appetite for action on the ice was unprecedented.
Perhaps the most viral betting moment came from a recent college graduate who nearly turned a $13 parlay into a staggering $270,761 on DraftKings. While the bet ultimately fell just short, it exemplified the rise of high-risk, high-reward betting behaviors that are increasingly common among bettors. Stories like these don’t just reflect user behavior—they serve as powerful marketing moments that fuel platform growth.
High Volume Meets Variable Margins
Sportsbooks, for the most part, enjoyed strong hold rates during the playoff window—generally ranging from 6% to as high as 12%, in line with broader U.S. market benchmarks. Operators like FanDuel, DraftKings, and BetMGM benefited particularly from parlay action. Parlays have become a profit engine for sportsbooks thanks to their low probability of payout and high player interest. Even a modest increase in parlay activity can drive outsized impacts on total hold and revenue.
However, not all bets were equally lucrative. Straight bets on heavy favorites and moneylines during the Stanley Cup Final presented tighter margins for books, especially as public sentiment leaned heavily toward teams like the Florida Panthers. When a betting public is aligned—and wins—it can squeeze profitability quickly. Books offset this by leaning into same-game parlays, live betting prompts, and personalized risk-based offers.
In-Play Betting and Real-Time Engagement
One of the standout trends from this year’s Stanley Cup run was the explosive rise in in-play wagering. As momentum shifted dramatically from period to period, bettors jumped into micro-markets like “next goal scorer,” “power play outcome,” and even “will there be a penalty in the next two minutes.” This kind of engagement not only drives more betting frequency, it increases margin as bettors make less analytically-driven, more emotionally-fueled decisions.
Live cash-out features were also heavily promoted throughout the playoffs. Bettors were frequently given the option to exit high-stakes parlays mid-way through a game, often locking in a win or reducing exposure. For operators, this allowed for precise risk management while boosting retention and perceived control for the bettor.
Futures Markets Keep the Engine Running
While the Stanley Cup itself may have concluded, sportsbooks wasted no time transitioning bettors into the next season. Futures markets for the 2026 Stanley Cup were posted within 24 hours of the final buzzer, with the Edmonton Oilers opening as favorites at +650, followed closely by the Panthers and Hurricanes at +700. Futures betting, while less glamorous than in-play action, remains a critical tool for maintaining off-season liquidity and engagement.
For operators, this represents more than just a long-tail bet type—it’s a retention strategy. Futures give casual fans a reason to re-engage in the offseason, creating continuous touchpoints that extend the customer lifecycle beyond game day.
A Stanley Cup to Remember—for Bettors and Books
In the end, the 2025 Stanley Cup Playoffs were a win for sportsbooks, both in terms of volume and visibility. The combination of viral parlay stories, advanced live betting features, and the emotional rollercoaster of playoff hockey created the perfect storm for engagement. While operators had to navigate tighter margins in some markets, especially when public betting was accurate, they more than made up for it through diverse product offerings and smart risk management tools.
As the NHL off-season begins, one thing is clear: hockey betting has entered a new era, and sportsbooks that can keep up with the pace of the game—and the expectations of its fans—will be the ones who thrive.
