Why Can’t Canada Win the Stanley Cup?
[…] there is almost certainly a shortage of N.H.L. teams in Canada relative to the demand for hockey there and the revenues that Canada contributes to the league. […] Had the distribution of N.H.L. teams more closely matched fan interest in the sport across the United States and Canada, Canada would have more teams in the league and – very probably – at least one Stanley Cup championship.
Finally, and related to the excess demand for hockey in Canada, Canadian teams routinely sell out their arenas at high ticket prices — whether or not they are any good. This may reduce their incentive to compete.
Don’t miss that fans vs. income plot.
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