Legal U.S. sportsbooks are reporting an unprecedented surge in wagering volume as the Men's Ice Hockey tournament at the Milan-Cortina 2026 Winter Olympics enters its high-stakes elimination phase this Wednesday. With NHL superstars returning to the Olympic stage for the first time in 12 years, the total betting handle for the event has already eclipsed the entire wagering volume of the 2022 Beijing Games, signaling a new era for international hockey betting.

NHL Star Power Drives Historic Betting Action

The return of National Hockey League players to the Olympics for the first time since Sochi 2014 has completely revitalized the betting market. According to data released Wednesday morning by major operators including DraftKings and BetMGM, the volume of bets placed on the Men's Ice Hockey tournament has shattered previous records.

"The handle we are seeing for the 2026 Winter Olympics hockey tournament is comparable to a mid-tier NFL playoff game, which is unheard of for Olympic sports," said a senior trader at a leading U.S. sportsbook. "Having household names like Connor McDavid and Auston Matthews wearing their national colors has brought the casual bettor back to the Winter Games in droves."

Unlike the 2018 and 2022 Games, which featured non-NHL rosters, the 2026 tournament in Milan offers the "best-on-best" competition that fans—and bettors—crave. The favorable time zone difference in Italy, compared to the overnight schedules of PyeongChang and Beijing, has also allowed North American bettors to engage with live odds during manageable morning and afternoon hours.

Team USA and Canada Dominate the Handle

As the quarterfinals face off today, the betting action is heavily concentrated on the two North American powerhouses. Reports indicate that Team USA and Team Canada combined account for approximately 94% of the futures handle to win the Gold Medal.

Interestingly, there is a distinct split in betting behavior. While Team Canada leads in total ticket count—likely driven by their status as perennial favorites and the popularity of players like Sidney Crosby—Team USA has attracted the majority of the actual money wagered. BetMGM reported earlier this week that nearly 48% of the total handle is riding on the Americans to end their gold medal drought, which dates back to the "Miracle on Ice" in 1980.

"The public loves the narrative of this young, star-studded American team," noted an industry analyst. "With Auston Matthews leading the charge and Connor Hellebuyck in net, sharp bettors are seeing value in the U.S. at +200 odds compared to the shorter prices on Canada."

Quarterfinal Matchups Ignite Prop Betting Markets

The transition to the single-elimination knockout stage on February 18 has triggered a secondary wave of wagering focused on player props. The prop betting market, virtually non-existent for Olympic hockey in previous cycles due to unfamiliar rosters, is now thriving.

Top Prop Bets for the Knockout Stage

  • Connor McDavid (CAN): The tournament's current points leader (9 points) is seeing heavy action on "Over 1.5 Points" props for Canada's quarterfinal clash against Czechia.
  • Auston Matthews (USA): After tallying 5 points in the group stage, Matthews is the most popular bet for "Anytime Goal Scorer" as the U.S. faces Sweden today.
  • Goalie Saves: With the stakes raised, bettors are hammering the "Over" on save totals for goaltenders like Germany's Philipp Grubauer, anticipating heavy shot volumes from superior opponents.

Sportsbooks Roll Out Aggressive Olympic Promos

Recognizing the unique opportunity of a mid-February premier sporting event, sportsbooks have launched aggressive Winter Olympics sportsbook promos tailored to hockey fans. Offers include "Parlay Insurance" for medal round games and "Odds Boosts" on specific outcomes, such as a "North American Double" boost for both the U.S. and Canada to win their quarterfinal matchups.

These promotions have been particularly effective in driving parlay handle. A popular Olympic hockey parlay pick circulating among handicappers today involves bundling a Team USA moneyline win over Sweden with the "Over 5.5 Goals" in the Canada vs. Czechia game, capitalizing on the high-scoring nature of the Canadians' offense.

Looking Ahead: The Gold Medal Standard

As the tournament narrows to the final four, the intensity is expected to peak. If both the United States and Canada advance through their respective quarterfinal and semifinal brackets, sportsbooks are preparing for what could be the most-bet hockey game in history—Olympic or otherwise—on Sunday, February 22.

For now, all eyes are on the ice in Milan. With millions of dollars in wagers hanging in the balance, every shift, save, and goal in these knockout stages carries unprecedented weight for bettors across the United States.