Grey Cup Odds 2025: Argonauts Favorites to Repeat as CFL Champs; Alouettes, Bombers Trail
Coming off an improbable Grey Cup win with backup quarterback Nick Arbuckle leading the way, the Toronto Argonauts are the favorites to repeat as CFL champions by the Grey Cup odds at the best sportsbooks in Canada.
The most significant competition for the defending champs entering the season is their biggest rivals, the Montreal Alouettes, who were the favorites to win it all for much of last year. Trailing those two are the Winnipeg Blue Bombers, who have played in five straight Grey Cups but have lost three consecutively.
📊 2025 Grey Cup odds
Live Grey Cup odds from our best sports betting apps; odds update in real time.
🏆 2025 Grey Cup favorites
🌊 Toronto Argonauts (+325)
In one of the best coaching jobs in recent CFL history, Argos bench boss Ryan Dinwiddie took a season that looked to be heading for disaster and brought the Grey Cup back to the Queen City.
Down former CFL Most Outstanding Player odds winner Chad Kelly for the first nine games of the season due to a suspension, Dinwiddie and Co. kept the Argos afloat with a combination of Arbuckle and Cameron Dukes under center. Then when Kelly broke his ankle in the East Division Finals, Toronto still managed to win the Grey Cup with Arbuckle at QB as an 8.5-point underdog.
So even with uncertainty around Kelly heading into the season, it's no surprise the best sports betting apps in Canada are putting the Argos atop the oddsboard with Arbuckle behind center. Toronto also returns 1,000-plus-yard rusher Ka'Deem Carey and talented receiver Damonte Coxie for Arbuckle to lean on. However, the team lost All-Star receiver Makai Polk to the Atlanta Falcons of the NFL.
Still, this team is in good shape to make a fifth straight playoff appearance under Dinwiddie and compete for its third Grey Cup with him at the helm. But until we get a better understanding of the QB situation with Toronto, I'd avoid backing the Argos. A $10 winning bet on them is paying just a $32.50 profit.
📊 Best odds: +325 via BetMGM | Implied probability: 23.53%
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🦅 Monreal Alouettes (+450)
After stealing the Grey Cup two years ago from an Argos team that looked like it would complete one of the most impressive regular seasons in CFL history while taking home the title, Montreal tripped up down the stretch last year.
It managed to survive a stretch without star QB Cody Fajardo, but then dropped three of its last four regular-season games before losing at home to the Argos in the East Final. In a shocking offseason move, the Als traded Fajardo to the Edmonton Elks for McLeod Bethel-Thompson, who's expected to back up Davis Alexander.
Alexander, an American from Portland State who's been on the roster since 2022, really flashed in his first extended CFL action last season while filling in for Fajardo. He tallied nine total touchdowns across six games while showing enough for head coach Jason Maas to be comfortable moving on from his steady veteran QB.
Montreal isn't short on talent around Alexander either, with receivers like Austin Mack, Tyson Philpot, Charleston Rambo, and Cole Spieker, and running back Walter Fletcher giving the Alouettes the CFL's best skill-position group.
Though Alexander is inexperienced, the Alouettes are the better-looking team in the East right now, with a $45 profit on a $10 winning bet.
📊 Best odds: +450 via BetRivers | Implied probability: 18.18%
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💣 Winnipeg Blue Bombers (+550)
Five straight Grey Cup appearances, three straight losses. The Blue Bombers are approaching a 1990s Buffalo Bills-style heartbreak and are in desperate need of winning a title for head coach Mike O'Shea's sanity at this point. Lucky for O'Shea, his team comes with fewer questions than Toronto and Montreal entering the season.
It looked like the Bombers' dynasty might die last campaign after a slow start from QB Zach Collaros and running back Brady Oliveira, who was eventually crowned the CFL's Most Outstanding Player while taking home his second straight Most Outstanding Canadian Award. But Winnipeg showed its resilience while going 9-1 in the team's final 10 regular-season games after a 2-6 start.
Though they couldn't beat Toronto and Arbuckle in the Grey Cup, the Bombers look poised to make their sixth straight run to the big game this season. Collaros is still one of the league's best passers, Oliveira is the best player in the CFL, and the team brings back 1,000-plus-yard receiver Nic Demski. It also boasts two-time All-Star receiver Dalton Schoen returning from injury. However, the squad loses its other 1,000-plus-yard receiver, Ontaria Wilson, to the New York Jets.
That's a lot of offense to support what's consistently been the CFL's best defense for a half decade with O'Shea in charge. While the team loses All-Star defensive back Tyrell Ford to the Elks, it still boasts veteran All-Stars like Willie Jefferson and Deatrick Nichols.
The Bombers are my best Grey Cup bet at this point heading into the season.
📊 Best odds: +550 via bet365 | Implied probability: 15.38%
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👑 Past Grey Cup winners
| Year | Team | Runner-up |
|---|---|---|
| 2024 | Argonauts | Blue Bombers |
| 2023 | Alouettes | Blue Bombers |
| 2022 | Argonauts | Blue Bombers |
| 2021 | Blue Bombers | Tiger-Cats |
| 2020 | Cancelled | |
| 2019 | Blue Bombers | Tiger-Cats |
| 2018 | Stampeders | Redblacks |
| 2017 | Argonauts | Stampeders |
| 2016 | Redblacks | Stampeders |
| 2015 | Elks | Redblacks |
| 2014 | Stampeders | Tiger-Cats |
💡 How to bet on the Grey Cup
Betting on Grey Cup odds is straightforward. First, choose a reputable sportsbook offering CFL futures. Check the odds for each team; for example, if the Toronto Argonauts are +400 and the Calgary Stampeders are +600, a $100 bet on the Argonauts would win you $400 if they win the Grey Cup.
Place your bet by deciding how much to wager. If you bet $100 on the Argonauts at +400 and they win, you’ll get $500 back ($400 profit + $100 stake). Keep an eye on the teams' performances throughout the season to see how your bet is shaping up.
Future markets are mainly about performance and perception. If a team performs better or worse than expected, their odds will change. Injuries to key players can significantly impact a team's chances and thus their odds.
Trades and new player acquisitions can also affect a team's Grey Cup odds. Public betting trends play a role; if many people are betting on one team, sportsbooks might adjust the odds to balance their risk.
Expert analysis and predictions can influence how people bet, which in turn affects the odds. Understanding these factors helps you make more informed bets and potentially take advantage of favorable odds movements.
📖 How to read Grey Cup odds
Odds are typically presented in a format like +400 or -150. Positive odds (e.g., +400) show how much profit you’d make on a $100 bet.
For example, a $100 bet at +400 odds would win you $400, plus your original $100 stake, totaling $500. Negative odds (e.g., -150) indicate how much you need to bet to win $100. So, a $150 bet at -150 odds would win you $100, plus your $150 stake, totaling $250.
These odds also reflect the implied probability of a team winning the Grey Cup. Lower odds (e.g., +200) suggest a higher probability of winning, while higher odds (e.g., +800) indicate a lower probability. Sportsbooks adjust these odds based on factors like team performance, injuries, trades, and betting patterns.
For example, if the Toronto Argonauts have +400 odds and the Calgary Stampeders have +600 odds, the Argonauts are considered more likely to win.
If you bet $100 on the Argonauts and they win, you’d get $500 back ($400 profit + $100 stake). Understanding these odds helps you make informed betting decisions and assess potential returns.
❓ Grey Cup FAQs
Who is the Grey Cup favorite?
The Toronto Argonauts are the favorites by the 2025 Grey Cup odds, with odds of +325 representing an implied win probability of 23.53%, according to our odds calculator.
Who won the Grey Cup last year?
The Montreal Alouettes defeated the Winnipeg Blue Bombers, 28-24, in the 110th Grey Cup at Tim Hortons Field in Hamilton, Ont. It was Montreal's first Grey Cup victory since the 2010 season.
When will the 2025 Grey Cup be played?
The 112th Grey Cup will be played Sunday, Nov. 16, 2025.
Where will the 2025 Grey Cup be played?
The 112th Grey Cup will be played at Princess Auto Stadium in Winnipeg, Manitoba.
How to watch the 2025 Grey Cup?
TSN/RDS and CFL+ will broadcast the 112th Grey Cup.
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