The Edmonton Oilers are the current Favorites to win the 2017 Stanley Cup. The first major sportsbook to adjust their antepost odds following the night of NHL action on Friday was Paddy Power sportsbook. They now make Edmonton +333 (about 33/10) to win the NHL-playoff tournament, odds that are shorter than every other team.

The odds on Edmonton certainly reflect the fact that they will now be considered heavy favorites to win their series in the second round. Other teams are certainly favored to advance as well, but only the Oilers have a 2-0 lead at this point.

Edmonton won two games in Anaheim

Edmonton defeated the Anaheim Ducks in game two of their second-round series, a game that came from the Honda Center in Southern California. The 2-1 result means Edmonton took both games that were played in Anaheim.

That gives the Oilers a 2-0 lead that can only be called commanding precisely because the Oilers now return home with that lead. If they win game three in what will be an intense home-crowd environment, then Edmonton will have a crushing 3-0 lead.

When it comes to Edmonton's betting odds, they might only be favorites in a superficial way. For instance, a big reason that they are favorites is that their second-round series started earlier than the Pittsburgh Penguins' series against Washington.

If the Pens win game two against Washington, then Pittsburgh will likely be the Cup favorites in 24 hours' time. Furthermore, it's unlikely that Edmonton will be Cup favorites after the entire round is played. It's more probable that the status will belong to the Washington/Pittsburgh series winner.

Oilers were 90 to 1

However, Edmonton's status as Cup favorites is still the precedent setting for at least an 11-year period.

I have notes on betting odds, but they only go back to 2009. Therefore I'll have to draw more on experience in figuring out the relevant betting-trend history. In 2006, Edmonton lost in the final to the Carolina Hurricanes, and I doubt that the Oilers would have been considered favorites for the Cup at any point during that series.

After all, they lost the first two games of the 2006 Stanley Cup final, they fell behind 3-1 after four, and game seven was played on the road in Raleigh.

However, Edmonton probably would have been Cup favorites for a short time during the conference finals that season. The Oilers defeated the Anaheim Ducks in the Western Conference finals that year in five games, and they held a 3-0 series lead.

Carolina went the full seven in the Eastern Conference finals, meaning that Edmonton would have been booked into the Stanley Cup final while the 'Canes and Buffalo Sabres would have been coin tossing for their spot. For a few days, I'm sure the Edmonton Oilers were the Cup favorites during the 2006 run, and that's the most recent time they were such before today, I think.

Betting odds certainly don't settle a thing. However, they do reflect growing optimism around this young Edmonton team. Furthermore, there is an irony with Edmonton being the favorites as they were the last favorites or second-last favorites when I tipped Edmonton's betting odds last June in an article I wrote (at the time they were +9000).