For anyone who grew up a "hockey school" devotee in the Northeast or Midwest, the Frozen Four is one of the biggest sporting events of the year. This year's edition is no different, as two blue bloods, Denver University and Boston University, face dominant newcomer Western Michigan and popular upset pick Penn State, respectively, in Thursday's national semifinals in St. Louis.
The futures market is hardly surprising, as reigning national champion Denver is the favorite at +185, followed by Hockey East powerhouse BU at +275 at ESPN BET. The Pioneers and Terriers have combined to win 15 national championships and their rosters currently feature 28 NHL draft picks between them. The Frozen Four is familiar territory for both schools, with Denver eliminating BU in last year's semifinal, and both will be vying to get back to the National Championship game (Saturday, 7:30 p.m. ET on ESPN2).
In contrast are two programs making their first Frozen Four appearances. Western Michigan steamrolled through the NCHC in both the regular season and conference tournament, racking up impressive statistics along the way. Penn State, initially seeded fourth in the Allentown regional, skated past two schools that were hot off blazing Hockey East tournament runs: runner-up UConn and champion Maine.
Note: Odds at time of publication. For the latest lines, visit ESPN BET.
In Thursday's opening Frozen Four matchup between Denver and Western Michigan (5 p.m. ET on ESPN2), Denver has emerged as a strong favorite, opening at -150 on the money line before settling in at -135. After beating Providence and No. 1 overall seed Boston College in Manchester, the Pioneers have attracted 70% of the bets and a whopping 93% of the handle for the semifinal. The teams split the regular-season series, and the Broncos were victorious over the Pioneers in the NCHC tournament final.
On the flip side, the betting public is choosing to back the underdog Penn State against Boston University in Thursday's other semifinal (8:30 p.m. ET on ESPN2). The Nittany Lions have racked up 69% of the bets and 55% of the handle ahead of the matchup.
The Terriers are college hockey royalty. Not only do they have five national championships and 25 Frozen Four appearances (counting 2025), they're fresh off a Beanpot win over Boston College and advanced to the Hockey East semifinal in a particularly competitive year for the conference. Even though they're the favorites to win the game at -165 on ESPN BET, sometimes there's just no beating a classic underdog story.
Before 2012, Penn State's men's hockey competed in the ACHA and was designated as a club sport. Thirteen years later, they'll be making their first Frozen Four appearance. Not only did the Nittany Lions defeat Maine convincingly by a 5-1 score, they also left Allentown with a thrilling 3-2 overtime victory against UConn. In an incredible year for Penn State athletics, a Frozen Four upset victory would be the cherry on top.
Watch the Frozen Four (April 10 and 12) on ESPN2 or stream on ESPN+.
The betting scene for college hockey is not nearly as robust as it is for NCAA basketball or football. According to BetMGM, 63% of the tickets and 83% of the handle are from just three states: Colorado, Michigan and Pennsylvania.
That doesn't mean it's not exciting; for several schools in the Northeast and beyond, college hockey is just as big or even bigger than either college hoops or football.
"The Frozen Four tends to be more popular in the Northeast states," DraftKings sportsbook director Johnny Avello said. "It will typically draw more action than college baseball, softball and gymnastics."
And the game is growing exponentially. It provides a pathway for schools that might otherwise compete in smaller conferences or lower divisions to achieve national recognition. Since 2021, six schools have moved up to play Division I hockey, and one more will officially join next season. Tennessee State University will begin Division I play in the 2025-2026 season, becoming the first HBCU to offer men's ice hockey at any collegiate level.
Additional reporting by ESPN sports betting reporter Doug Greenberg