Olympic Hockey Odds & Favorites 2026: Who Will Win Best-On-Best Tournament in Italy?

Earlier this year, we were treated to the Four Nations Face-Off, the first best-on-best hockey tournament in almost a decade.

Well, by the time the 2026 Winter Olympics in Milano Cortina, Italy come around, it will have been 12 years since we feasted our eyes on a best-on-best hockey format at the Olympics. 

My look at the latest Olympic hockey odds analyzes the chances of the four favorites, featuring a pick to win the sport's most impassioned tournament. Canada is the marginal +135 betting favorite to win the gold medal at FanDuel, with Team USA just behind (+190). 

Our breakdown of the Olympic odds complement our NHL picks ahead of the 2025-26 season.

🏒 Olympic hockey odds 2026

Here are the latest 2026 Olympic hockey odds from FanDuel:

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🥇 Olympic hockey betting favorites

Finland (+1200)

In the intervening months since the end of the NHL regular season, Finland's odds lengthened from +700 to +1200, an implied probability shift of 12.5% to 7.69%. 

That significant shift in likelihood is almost single-handedly due to Aleksander Barkov's injury. Expected to be out for seven to nine months, Barkov will miss the Olympics, in addition to the upcoming NHL season.

In my preseason Stanley Cup predictions, I discussed the impact Barkov's absence will have on his club team and whether it will scupper the Florida Panthers' bid to three-peat as Stanley Cup champions. 

His absence will be felt by the national team even more acutely, as Finland's depth was suspect even before their captain was ruled out. 

For the Finns to pull off the minor miracle, Mikko Rantanen will have to go on a scoring streak resembling his eight goals in a four-game outburst in last season's playoffs, and presumed starter Juuse Saros must stand on his head for a more extended period than any Olympic gymnast has dared to dream. 

Sweden (+550)

The Three Crowns has every chance of turning some heads in Italy. They were eliminated from the 4 Nations Face-Off due to successive overtime 3-on-3 defeats, one against Canada and another against Scandinavian rivals Finland. 

The 25-man roster will be announced in the next few months, but I covered the first six reveal in our Olympic hockey odds and favorites.

Sweden's roster on the back end at the 4 Nations Face-Off was every bit as star-studded as the Canadians' and Americans'. They have superior goaltending, at least on paper, to Canada, and are arguably on par with Team USA. 

Prospectively, their three netminders will be: the Minnesota Wild's Filip Gustavsson, the New Jersey Devils' Jacob Markstrom, and the Ottawa Senators' Linus Ullmark. 

Defensively, they are as sound as it gets.

Where they lack depth is offensively. Again, the top two lines - led by Filip Forsberg, William Karlsson, Adrian Kempe, William Nylander, and Lucas Raymond - are formidable. The drop thereafter, though, is like stepping off the top of the Grand Canyon, as precipitous as catastrophic. 

While anything is possible in a single-elimination tournament, especially if one of those three all-world goaltenders goes on a heater, I can't see their bottom six forwards being able to keep tabs on their American and Canadian counterparts. 

USA (+190)

The Americans were the better team for much of the 4 Nations Face-Off final against Canada, dominating with pace and a youthful exuberance. They made Connor McDavid, at least for 90% of the contest, look ordinary. 

Quinn Hughes didn't feature in the tournament. Charlie McAvoy was forced out early after injuring his shoulder, while Matthew Tkachuk was ineffective after suffering a torn adductor muscle and a sports hernia during the round-robin stage.

Speaking of Tkachuk, he'll be out for the first few months of the NHL regular season. However, he has more than enough time to ensure his brother, Brady, doesn't go at it alone. 

On paper, the Americans should probably be the betting favorite. They have better goaltending than Canada and can match wits with them on the blue line. I'll still give the edge to the Canadians up front, albeit marginally. 

If the Americans enter the tournament relatively healthy, they might leapfrog Canada as the team with the shortest odds. But until they prove they can dethrone their neighbors to the north, I'm fading the red, white, and blue. 

Canada (+175)

I can't bet against a team that has the world's best two forwards (Connor McDavid and Nathan MacKinnon), the best defenseman (Cale Makar), and one of the most legendary hockey players of all time (Sidney Crosby), whose exploits on the international stage are unparalleled. 

The 38-year-old Crosby continually defies the sands of time and was arguably Canada's best player, aside from MacKinnon, at the 4 Nations Face-Off.  

Yes, Canada has some issues, particularly between the pipes. But that didn't stop Jordan Binnington from out-dueling reigning NHL MVP Connor Hellebuyck in the 4 Nations final. 

I also place a hefty weight on the importance of winning pedigree, which the Canadians have in abundance. Only seven of the 23 players on their 4 Nations roster haven't sipped from the Stanley Cup.

Compare that to the Americans, whose roster consisted of just three Stanley Cup winners (Matthew Tkachuk, Jake Guentzel, and Jack Eichel).

These events come down to a single moment, a decisive play. I'd much rather back a team that has proven its ability to stand tall in those moments than one that hasn't. Oh, and by the way, I backed Canada at the 4 Nations, and we all know how that turned out. 

Of the best sports betting sites, Caesars (+175) offers the best value, where a winning $10 bet will yield a $17.50 profit. 

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❓2026 Winter Olympics hockey FAQs

Who is favored to win the 2026 Winter Olympics?

With +175 odds at Caesars, Canada is favored to win the 2026 Winter Olympics. Those odds imply a 36.36% probability, according to our odds calculator. 

Who won the last Olympic hockey tournament?

Finland won the Beijing 2022 Olympic tournament. However, it wasn't a best-on-best tournament, with NHL players prohibited from participating. 

When is the 2026 Winter Olympic hockey tournament?

The 2026 Winter Olympic hockey tournament takes place from Feb. 11 to Feb. 22.

When is the 2026 Winter Olympic hockey gold medal game?

The gold medal game occurs on Sunday, Feb. 22 at 7:10am ET. 

Who won the last best-on-best Olympic hockey tournament? 

Canada won the last best-on-best Olympic hockey tournament in 2014 at the Sochi Olympics. 

How many players are on an Olympic hockey roster? 

The maximum number of players on an Olympic men's hockey roster is 25, and the maximum number for an Olympic women's hockey roster is 23. However, each team can only dress 20 skaters and two goaltenders for each game.