The conversation is starting to get very interesting regarding NHL expansion odds, with the market pricing in the next new team to join the league. And the frontrunner is not quite the city that most fans believe.
Austin has emerged as the betting favorite to become the NHL’s next expansion destination, despite Houston being the market that has received much of the league’s attention in recent months.
The latest odds from BetOnline Sports and Casino put Austin at 3/2, followed by Houston at 2/1. Phoenix is next at 5/1, with Atlanta at 8/1 and Quebec City at 10/1.
That doesn’t mean the NHL has made its decision. Far from it.
The league is currently evaluating Houston and Austin as potential destinations for its 33rd franchise, with the process expected to continue into the end of the year. Commissioner Gary Bettman has stressed that there is no fixed deadline for expansion.
Still, the odds are interesting because they reveal where the market sees the biggest opportunity.
And there are some pretty good reasons why Austin is sitting at the top.
Austin Leading NHL Expansion Odds for a Reason
Austin’s biggest selling point isn’t necessarily its hockey history.
It’s the fact that the NHL would be bringing a team into a rapidly growing market that has never had an NHL franchise.
Austin passed the one-million-resident mark in 2025, reaching 1,002,632 people and becoming the 12th-most-populous U.S. city. It is also the largest American city without an NFL, NBA, MLB or NHL franchise.
That gives the NHL something valuable: a market where the league wouldn’t simply be fighting for a share of an existing professional sports audience.
Austin FC has already demonstrated that professional sports can work in the city, but the NHL would be entering a very different part of the sports market. The city’s deep connection to college sports, particularly the University of Texas, also gives hockey a massive potential audience to introduce itself to.
That is exactly the kind of opportunity NHL expansion odds are pricing into the market.
The league doesn’t need another city that already has a hockey team nearby and an established NHL audience. It needs new viewers.
Austin provides them.
Houston Could Be the NHL’s Television Play
If Austin has the intriguing growth story, Houston has the sheer size.
That is why it is sitting at 2/1 NHL expansion odd despite the league’s current evaluation involving both Texas cities.
Houston is one of America’s biggest metropolitan areas, with nearly 2.4 million people inside the city and roughly 7.8 million in the broader metropolitan area. Deputy commissioner Bill Daly has also acknowledged the potential of putting another NHL team in Texas, while the league has emphasized that Austin and Houston are both being evaluated.
But there is another reason Houston makes so much sense.
Television.
The NHL’s next major media-rights negotiations will inevitably be influenced by how much untapped audience the league can bring to its broadcast partners. Houston gives the NHL access to a huge market that currently does not have an NHL team.
That matters for NHL expansion odds.
The league has already been experiencing strong revenue growth, with Bettman saying NHL revenue had reached roughly $7.5 billion to $8 billion entering the 2026 Stanley Cup Final.
Adding Houston could give the NHL another major American market to sell to advertisers and media partners.
And there is an obvious bonus: a Houston team immediately creates another Texas rivalry with Dallas.
Atlanta Remains Too Big for NHL to Ignore
Then there is Atlanta.
At 8/1, the NHL expansion odds suggest the city is behind the two Texas markets and Phoenix, but that doesn’t mean the NHL should stop paying attention.
Atlanta is precisely the type of market the league has repeatedly targeted during its expansion efforts: a huge American television market without an NHL team.
The city has already had two NHL franchises, the Flames and Thrashers, but the league’s interest in returning isn’t difficult to understand. Atlanta remains one of the largest U.S. metropolitan areas, and it gives the NHL access to a significant population that currently isn’t being served by an NHL club.
More importantly, Atlanta fits the league’s broader business strategy.
The NHL isn’t simply looking for cities where people already love hockey. It is looking for markets where the sport can grow.
Austin offers that opportunity through rapid population growth. Houston offers massive market scale. Atlanta offers another enormous television audience.
That is why the NHL expansion odds are worth watching even before the league makes a decision.
The next team may be years away.
But the business case for where it goes is already taking shape.
NHL Expansion Odds Have Surprising Favorite for Next Franchise