NBA Championship Odds
Table Of Contents:
Anytime, is the perfect time to consider making future bets. Betting on the NBA Finals winner is one of the most popular markets all year round and therefore our article will focus on the NBA Championship odds. We will also provide you with our NBA Finals predictions and give you some of the welcome bonuses that you can claim from a number of different sportsbooks.
NBA Championship odds 2023-2024
The table below will provide you with the current NBA odds to win the championship. This also includes the opening NBA Championship odds, per BetMGM Sportsbook.
| Team | Current Odds | Opening Odds |
| Milwaukee Bucks | +375 | +600 |
| Boston Celtics | +400 | +550 |
| Denver Nuggets | +500 | +500 |
| Phoenix Suns | +650 | +850 |
| Los Angeles Lakers | +1200 | +1200 |
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Favorites to win NBA Championship for 2023-2024
Below we have provided the five most teams likely to win the NBA Finals for the 2023-2024 season. Here we will provide each team’s NBA Championship odds per BetMGM and where they rank compared to the rest of the NBA.
Milwaukee Bucks (+375)
The Milwaukee Bucks are the outright favorite to win the NBA Finals this season. Their NBA odds for the Championship are +375 at BetMGM. The biggest reason why the Bucks look to be the most likely candidates to win the title is because of their offseason trade for Damian Lillard. The Bucks still, of course, have Giannis Antetokounmpo and a bunch of other solid role players; adding Lillard gives them one of the best rosters in the NBA.
Boston Celtics (+400)
The Boston Celtics’ NBA odds for the Championship are +400 at BetMGM. These are the second-best odds on the betting board. Boston’s chances to win this season are increased by the addition of Kristaps Porzingis. On top of him, the Celtics also traded for Jrue Holiday in the aftermath of the Damian Lillard trade, and still have Jayson Tatum and Jaylen Brown. With that core of players plus several solid role players, the Celtics could be a bet worth making this season.
Denver Nuggets (+500)
The Denver Nuggets’ NBA odds for the Championship are +500 at BetMGM Sportsbook. Their odds to win the NBA Finals are third on the betting board compared to the rest of the NBA. The Nuggets dominated last season on their way to their first ever NBA Finals win. Alongside Nikola Jokic, they have Jamal Murray, Aaron Gordon, and Michael Porter Jr. This makes up the core of their roster and they should be serious contenders to repeat as NBA Champions this season.
Phoenix Suns (+650)
The Phoenix Suns have NBA title odds of +650 at BetMGM Sportsbook. These odds are fourth on the betting board out of the 30 teams in the league. The Suns endured a disappointing exit from the playoffs this past season and will look to improve this season. Most notably, they are led by Devin Booker and Kevin Durant. They acquired Bradley Beal in the offseason and also have plenty of depth, including Eric Gordon and T.J. Warren. With a whole host of talent, the Suns could be worth a small bet to win the NBA Finals this season.
Los Angeles Lakers (+1200)
The Los Angeles Lakers have odds of +1200 to win the Finals at BetMGM. These odds are fifth on the betting board compared to the rest of the league. The Lakers managed to make it all the way to the Western Conference Finals last season, but they were swept by the Denver Nuggets. The Lakers are still highlighted by LeBron James and Anthony Davis. However, James is aging and may not be as effective as he once was. On top of that, Davis has had problems with injuries and being consistent when he does play. Frankly, the Lakers will likely make the playoffs but the Western Conference has too many other teams that are more talented. For that reason, avoiding a bet on the Lakers might be the best option.
NBA Finals Predictions for 2023-2024
Our NBA Finals predictions will focus on the Milwaukee Bucks. Their odds to win the NBA Championship are +375 at BetMGM, tied for the best on the betting board. The Bucks had a disappointing end to last season, exiting in the first round of the playoffs. They recently made a blockbuster trade for Lillard, which could be enough to push them over the edge this season and claim their third NBA title.
NBA Championship Picks: Longshot Candidates to Watch
One of the NBA Finals predictions involving a longshot would be on the Miami Heat. Their odds to win the NBA championship are +3000 at BetMGM (11th out of the 30 teams in the NBA). The Heat just came off an unlikely run to the Eastern Conference title last season, so they could certainly be a team worth targeting to take the next step and win the NBA Finals.
Another one of our long shots would be the Oklahoma City Thunder. Their NBA Championship odds are +8000 at BetMGM Sportsbook. These odds are 18th out of the 30 teams in the NBA. The main reason why the Thunder would be one of our long shots is because they have an extremely young and promising roster. Led by Shai Gilgeous-Alexander, the Thunder also have Josh Giddey, and Chet Holmgren. The Thunder also have several veterans, such as Victor Oladipo and Steven Adams, giving them a very balanced roster that could make a run this season. Although the Thunder winning the NBA Finals is still unlikely, a small bet on them to make a surprise run could be worth a small bet.
NBA Finals trends & statistics
One of the trends to consider when looking to bet on a team to win the NBA Finals is the fact that there have not been many back-to-back champions in recent seasons. The last team to go back-to-back was the Golden State Warriors. This happened for the 2017 and 2018 NBA Finals. However, with so many teams improving every season, the Denver Nuggets might be a team worth avoiding this season (they are currently the defending NBA Champions).
Teams with most NBA Title wins
| Team | NBA Finals wins |
| Los Angeles Lakers, Boston Celtics | 17 times |
| Golden State Warriors | 7 times |
| Chicago Bulls | 6 times |
| San Antonio Spurs | 5 times |
| Philadelphia 76ers, Detroit Pistons, Miami Heat | 3 times |
| New York Knicks, Houston Rockets, Milwaukee Bucks | 2 times |
| Cleveland Cavaliers, Atlanta Hawks, Washington Wizards, Oklahoma City Thunder, Portland Trail Blazers, Dallas Mavericks, Sacramento Kings, Toronto Raptors, Denver Nuggets, Phoenix Suns, Utah Jazz, Brooklyn Nets, Orlando Magic | 1 time |
| Indiana Pacers, Charlotte Hornets, Los Angeles Clippers, Memphis Grizzlies, Minnesota Timberwolves, New Orleans Pelicans | 0 times |
Past 10 NBA Finals winners
| Year | Team | Runners-up | Series Score | Odds at beginning of season |
| 2023 | Denver Nuggets | Miami Heat | 4-1 | +1800 |
| 2022 | Golden State Warriors | Boston Celtics | 4-2 | +900 |
| 2021 | Milwaukee Bucks | Phoenix Suns | 4-2 | +550 |
| 2020 | Los Angeles Lakers | Miami Heat | 4-2 | +450 |
| 2019 | Toronto Raptors | Golden State Warriors | 4-2 | +1850 |
| 2018 | Golden State Warriors | Cleveland Cavaliers | 4-0 | -187 |
| 2017 | Golden State Warriors | Cleveland Cavaliers | 4-1 | -128 |
| 2016 | Cleveland Cavaliers | Golden State Warriors | 4-3 | +280 |
| 2015 | Golden State Warriors | Cleveland Cavaliers | 4-2 | +2800 |
| 2014 | San Antonio Spurs | Miami Heat | 4-1 | +1200 |
Given the table above, the NBA Finals winner over the last 10 years had preseason odds shorter than +1000 six times. Because of that, it might be worth targeting teams that have NBA Championship odds 2023-2024 of shorter than +1000.
What happened in last year’s NBA Finals?
Throughout most of last season, the Boston Celtics were the favorites to win the NBA Championship. Heading into the playoffs, though, it looked like we were on a collision course for a Denver vs Milwaukee NBA Finals matchup. However, it was the Miami Heat who were the surprise team in the East – making it all the way to the NBA Finals against Denver.
In the end, the Nuggets were much too strong for the Heat – beating them in five games to win the NBA title.
How do sportsbooks calculate NBA Championship betting odds?
There are many factors that go into how sportsbooks calculate their NBA Championship odds. One of the main factors in this regard is how each team performed the previous season. Teams that made the playoffs in the previous season will have shorter NBA Championship odds, while the teams who missed the playoffs will likely have much longer NBA Championship odds.
However, another factor that could influence the NBA title odds are the offseason moves made by each team in the NBA Draft and free agency. Results in the inaugural NBA In-Season Tournament, starting in November, could also affect NBA Championship odds as we’ll get a glimpse at each team’s performances in big knockout games.
How to read NBA Championship betting odds
Before you decide to bet on the odds to win the NBA Championship, you will first need to understand how to read these NBA winner odds. Below we have provided a few examples to explain how reading the NBA Championship odds 2023-2024 works:
+375 (Milwaukee Bucks)
The first example will highlight the favorite to win the NBA championship. The NBA title odds of +375 are held by the Milwaukee Bucks. These NBA Finals odds would result in a profit of $37.50 following a successful $10 bet..
+8000 (Atlanta Hawks)
The Atlanta Hawks are much more of a longshot to win the NBA Finals. Their odds to win the NBA Finals are +8000 at BetMGM. This means that betting $10 on their NBA Championship odds 2023-2024 would return $80.
How to calculate NBA Championship betting odds
The easiest way to calculate the implied probability for the NBA Championship odds is by using an odds calculator. However, if you want calculate the NBA Finals odds yourself, you can use the following formulas
100/(odds +100) x 100
Since the NBA winner odds are almost in plus money (and that is the case again heading into 2023-24), you can use the above formula to determine the win probability. So if you take the odds to win the NBA Finals for the Boston Celtics and Milwaukee Bucks at +375, you can determine that both of these teams have a 20% chance to win the NBA Finals.
