Stanley Cup odds: Do Oilers still deserve to be favorites?

As the calendar flips to March, most NHL teams have roughly 20 games remaining on their schedules, meaning the playoff race is officially on. Intense battles are brewing in the Eastern and Western Conferences, and only a handful of teams are theoretically eliminated from playoff contention.

The Edmonton Oilers are one team to keep an eye on. They are losers of five straight contests yet remain the Stanley Cup favorites at +600 at theScore Bet/ESPN Bet.

The Oilers are four points behind the Vegas Golden Knights in the Pacific Division and sit fifth in the Western Conference. They have no chance of catching the Winnipeg Jets for the top seed in the West, but the betting market still believes they're the best team in the NHL.

Do they deserve that much respect?

Being led by Connor McDavid and Leon Draisaitl - the favorite to win the Hart Trophy - certainly helps. This team is largely unchanged from the one that lost Game 7 of the Stanley Cup Final last year, so the betting market seems content to keep the Oilers as favorites even though they seem likely to end up a mid-tier seed.

If you don't see the Oilers as the league's best team, there's plenty of value available if you're looking to place a wager on the Stanley Cup champion.

Stanley Cup odds

Teams above +4000 are not listed

The Carolina Hurricanes have the second-best odds at +700 but are in a similar situation as the Oilers. Carolina is fifth in the East and 12 points behind division rivals the Washington Capitals, who own the conference's best record.

The Capitals and Jets are the top two favorites to win the President's Trophy and are both +1100 even though they should have home-ice advantage throughout the playoffs. Their odds reflect the betting market's opinion that each team's regular-season success may not translate to the playoffs.

As it is with most years in the NHL, there's no clear-cut favorite like there may be in baseball or basketball. There are 12 teams with at least a 5.3% implied probability of hoisting the Stanley Cup, which is more than a third of the league.

That's why getting into the Stanley Cup Playoffs is so important, and for those teams on the bubble, the next two weeks could make or break their seasons.

Odds to make the playoffs

The Colorado Avalanche and Vancouver Canucks hold the two wild-card spots in the West, but the Avs are five points ahead of the Canucks and unavailable in betting to make the playoffs.

That leaves one spot open and the Canucks as the front-runners. The Calgary Flames (+340) and Utah Hockey Club (+425) are long shots to advance in the West.

In the East, the Detroit Red Wings and Columbus Blue Jackets hold the two wild-card spots with 66 points apiece. However, the Ottawa Senators have the best odds to make the playoffs of the bubble teams despite being four points back. The New York Rangers are tied with the Senators with 62 points and have shorter odds than both the Red Wings and Blue Jackets.

The Boston Bruins also have 62 points but have played 60 games compared to the Sens' and Rangers' 58, which is why they're +380 to make it even though they are neck and neck in the standings.