NHL Stanley Cup futures - Analyzing the top championship favorites

The NHL has reached the final month of its regular season, meaning the most wonderful tournament in professional sports — at least in this hockey fanatic's perspective — is nearly here.

While the Stanley Cup playoffs are known for their unpredictability and dramatic swerves, there are some established betting favorites as the season heads into its final weeks.

Here's a look at the five favorites, the likelihood of each of them winning the Cup and some alternative ways to profit from their playoff journeys.

Current Stanley Cup odds: +380 (Caesars)

The Avalanche are heavy favorites in all facets of NHL futures betting. They're +130 to advance to the Stanley Cup Final out of the Western Conference — BetMGM reports that nearly 50% of the handle on the Western Conference champion has been placed on the Avs. Their Stanley Cup Final odds have improved from +600 at the start of the season, when they were also the favorite. BetMGM says 32.3% of the handle for the Stanley Cup winner belongs to the Avalanche.

But being the best regular-season team in the Western Conference doesn't portend much of anything for the postseason. The last team to lead the West in points and advance to the Stanley Cup Final was the 2012-13 Chicago Blackhawks, in a lockout-shortened 48-game season. The last time a team accomplished it in a full 82-game season was the Vancouver Canucks in 2010-11. Maybe the Avalanche are due. Or maybe not.

Current Stanley Cup odds: +550 Caesars

It's still stunning to think that a franchise that hasn't won a playoff round since 1996 has the second-lowest odds to win the Stanley Cup. I think it says more about the state of the Eastern Conference than anything else. The Panthers aren't just the best offensive team in the NHL