Grey Cup Odds 2025: Argonauts Upset Blue Bombers in CFL Final, Open as Favorites to Repeat
Despite being an overwhelming underdog by the Grey Cup odds, the Toronto Argonauts upset the Winnipeg Blue Bombers for the second time in three years to take home the CFL title. Unsurprisingly, the Argos opened as 2025 Grey Cup odds favorite in their quest to repeat.
Among the highlights:
- The Blue Bombers were heavy favorites at our best sportsbooks in Canada, with their odds sitting as short as -625
- Even with the Argos down last year's CFL Most Outstanding Player odds winner Chad Kelly, they won 41-24
- Backup QB Nick Arbuckle was named Grey Cup MVP
- Winnipeg has played in five straight Grey Cups, but have lost three straight
- Toronto has now won 19 Grey Cups
Our best sports betting apps in Canada expected the Bombers to cruise to their third Grey Cup since 2019, and instead the Argos played spoilers with their backup QB.
Grey Cup odds 2025
Grey Cup odds from our best sports betting apps; last updated Nov. 18
| Category | Odds (FanDuel) | Implied probability | Profit on a $10 bet |
|---|---|---|---|
| Argonauts | +280 | 26.32% | $28.00 |
| Alouettes | +340 | 22.73% | $34.00 |
| Blue Bombers | +600 | 14.29% | $60.00 |
| Lions | +650 | 13.33% | $65.00 |
| Roughriders | +650 | 13.33% | $65.00 |
| Redblacks | +800 | 11.11% | $80.00 |
| Tigercats | +1200 | 7.69% | $120.00 |
| Elks | +2100 | 4.55% | $210.00 |
| Stampeders | +2500 | 3.85% | $250.00 |
2025 Grey Cup favorite
Toronto Argonauts (+280)
In one of the best coaching jobs in recent CFL history, Argos bench boss Ryan Dinwiddie took a season that looked headed for disaster and brought the Grey Cup back to the Queen City.
Down Chad Kelly for the first nine games of the season due to suspension, Dinwiddie and Co. kept the Argos afloat with a combo of Arbuckle and Cameron Dukes under center.
Then, when Kelly returned, they weathered his rusty play before he returned to form as the most talented passer north of the border. To make things even tougher on Toronto, Kelly broke his ankle in the East Division Finals.
I don't think anyone believed Toronto would win the cup with Arbuckle at QB as an 8.5-point underdog, but the former Georgia State star bounced back from a poor start to remind viewers why he was one of the quarterbacks in recent Sun Belt history.
With his improved play in the second half, and Toronto's defense suffocating Zach Collaros and forcing him into poor decisions on top of stellar special teams play, the Argos did the improbable and beat Winnipeg again with a backup QB.
A winning $10 bet on Toronto's opening +280 odds to win the 2025 Grey Cup would return a $28 profit. I'd suggest holding off on a bet on the favorite as these odds can't shorten much over the offseason and first few weeks of the upcoming season.
Best odds: +280 via FanDuel | Implied probability: 26.32%
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.
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 |
Grey Cup FAQs
Who won the Grep Cup?
The Toronto Argonauts are the favorites by the 2025 Grey Cup odds with odds of +280 representing an implied win probability of 26.32%, 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.
CFL betting odds pages
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