Odds are set soley by how the betting goes. The goal of the person setting the odds is to "break even" and win the vig (commission on the bets). In this case, breaking even means that if the Flames win the cup, the bookie will have collected the same amount of money from all the other bets (the losing 29 teams) in order to pay out the winners that bet on Calgary. Then the bookie keeps the commission on all the bets made.
Odds have nothing to do with a team's actual chance of winning a game/series/cup/anything. Odds are simply a representation of how people are betting.
Evidently, people are betting somewhat evenly on Calgary and Edmonton at this point in time.
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Much like a sports ticker, you may feel obligated to read this
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