Injuries can definitely affect Stanley Cup odds, and there are a couple of teams who are battling the bug right now.
Pittsburgh
Jordan Staal is day-to-day after getting foot surgery to repair a tendon that was cut in Game 1 against Montreal. Staal, who is arguably the best third-line center in hockey and a nominee for the Selke Trophy (best defensive forward), and the Montreal power play looked more dangerous without Staal on the ice.
Montreal
In that same game, the Canadiens lost defenseman Andrei Markov to a knee injury after a hit by the Penguins' Matt Cooke. Markov has battled injuries all season, but when he's healthy, he's the quarterback on the Montreal power play. You could say that the injuries cancel each other out in this series, and actually, because Markov has been hurt already this year, the Canadiens know how to compensate for his loss.
Boston
The Bruins can't seem to buy a break on the injury front. Marc Savard finally returned from his concussion after seven weeks (ironically, he was hit by Cooke), and he managed to score the game-winning goal in overtime in the Bruins' Game 1 win over Philadelphia. But earlier in the game, they lost Marco Sturm for the season with an ACL tear. Sturm's offensive game took a dive this year, and he hadn't notched a point in the playoffs, but he did the little things that a veteran who is having troubles scoring would know how to do. It'll be interesting to see how this news affects those who bet sports.