Following a Game 2 loss to the Minnesota Timberwolves on Monday night, the reigning NBA champion Denver Nuggets saw their odds to repeat as titleholders sink from +480 to +1500 in one fell swoop.
The Boston Celtics remain the heavy favorites, but Minnesota is right behind them having Denver on the brink of elimination in the second round.
(Related Link) 2024 NBA Playoff Series Prices
2023-24 NBA Championship odds
| Team | Odds |
|---|---|
| Boston Celtics | +115 |
| Minnesota Timberwolves | +300 |
| Oklahoma City Thunder | +650 |
| New York Knicks | +1100 |
| Denver Nuggets | +1600 |
| Dallas Mavericks | +1800 |
| Indiana Pacers | +9000 |
| Cleveland Cavaliers | +20000 |
Odds as of May 8
Leading the way: Boston Celtics, +115
A 120-95 victory over the Cleveland Cavaliers, with Kristaps Porzingis and Jarrett Allen both unavailable, was as convincing and dominating a Game 1 win as you'll see for Boston. It propelled its odds to win the series to a staggering -8000 after just a single game, as oddsmakers truly believe we're counting down the days until that matchup concludes.
New Face: Minnesota Timberwolves, +300
A surprising 2-0 series lead in the Western Conference semifinals, with both victories coming on the road, has catapulted the Timberwolves up the odds to their strongest number yet. Their latest 106-80 win came without the services of Rudy Gobert, as well, which was Minnesota's largest margin of victory to date this postseason.
NBA Championship Betting Strategy
Much of what formulates odds for NBA title contenders obviously stems from regular-season success.
The reason why the Celtics and Nuggets continue to be the commanding favorites is that they've been near the top of the standings for pretty much the entire year, leaving oddsmakers no other choice but to give them such strong positioning.
What Impacts NBA Championship Odds?
- Winning and losing streaks
- Injuries to key players
- Seeding in the standings
- Win-loss records against specific opponents
How To Bet On NBA Futures
An NBA futures bet tends to revolve around the outcomes of both the regular season and playoffs as opposed to specific games the day of.
Here are some examples of some of the more popular futures bets:
- Which team will win the NBA Championship?
- Which player will win the Most Valuable Player award?
- Will Team X qualify for the NBA playoffs?
Last 10 NBA Championship Winners
| Year | Winning Team | Preseason Odds To Win Title | Opponent In Finals | Series |
|---|---|---|---|---|
| 2023 | Denver Nuggets | +1800 | Miami Heat | 4-1 |
| 2022 | Golden State Warriors | +900 | Boston Celtics | 4-2 |
| 2021 | Milwaukee Bucks | +550 | Phoenix Suns | 4-2 |
| 2020 | Los Angeles Lakers | +450 | Miami Heat | 4-2 |
| 2019 | Toronto Raptors | +1850 | Golden State Warriors | 4-2 |
| 2018 | Golden State Warriors | -187 | Cleveland Cavaliers | 4-0 |
| 2017 | Golden State Warriors | -128 | Cleveland Cavaliers | 4-1 |
| 2016 | Cleveland Cavaliers | +280 | Golden State Warriors | 4-3 |
| 2015 | Golden State Warriors | +2800 | Cleveland Cavaliers | 4-2 |
| 2014 | San Antonio Spurs | +1200 | Miami Heat | 4-1 |
The Nuggets' first-ever win in 2023 marked the fifth-different champion in as many years, a feat which hadn't been accomplished by the league since 1977-81.
It’s the first time there have been five different NBA champions in five years since 1977-81 😳
— SportsCenter (@SportsCenter) June 13, 2023
(h/t @WalderSports) pic.twitter.com/xOHDv7ne5T
The last team to win consecutive championships was the Golden State Warriors in 2017 and 2018. That capped off a 10-year run in which only five different teams (Warriors, Lakers, Mavericks, Cavaliers, and Spurs) won a title.
NBA Teams With The Most Championships
| Team | NBA Titles | NBA Finals Appearances | Most Recent NBA Title |
|---|---|---|---|
| Los Angeles Lakers | 17 | 32 | 2020 |
| Boston Celtics | 17 | 22 | 2008 |
| Golden State Warriors | 7 | 12 | 2022 |
| Chicago Bulls | 6 | 6 | 1998 |
| San Antonio Spurs | 5 | 6 | 2014 |
| Philadelphia 76ers | 3 | 9 | 1983 |
| Detroit Pistons | 3 | 7 | 2004 |
| Miami Heat | 3 | 6 | 2013 |
| New York Knicks | 2 | 8 | 1973 |
| Milwaukee Bucks | 2 | 3 | 2021 |
The Lakers and Celtics are tied for most titles, though Boston is far more efficient, winning 17 of 22 Finals appearances – both teams are in an excellent position to compete for the next NBA title, so keep an eye on this rivalry race. The Bulls are the most efficient, sweeping six titles during the 1990s, and the Warriors have the most recent title wins, with four in the last ten years.
NBA Teams That Have Never Appeared In A Finals
| Team | Number Of Seasons | Furthest Finish |
|---|---|---|
| Los Angeles Clippers | 49 | Western Conference Final (2021) |
| Charlotte Hornets/Bobcats | 30 | Eastern Conference Semifinals (1993, 1998, 2001, 2002) |
| Minnesota Timberwolves | 29 | Western Conference Final (2004) |
| Vancouver/Memphis Grizzlies | 23 | Western Conference Final (2013) |
| New Orleans Hornets/Pelicans | 17 | Western Conference Semifinals (2008, 2018) |
What a sad, sad list of teams. If you’re a fan of these squads, apologies in advance — your team (probably) isn’t breaking the curse this year. Never say never though! The Clippers and Pelicans have made exciting runs recently, we’re all rooting for them to make it eventually.
NBA Championship Odds Trends
- Four of the last five NBA Finals have been decided in six games.
- In the last 20 years, the Western Conference is 12-8 in NBA Finals.
- Also over the past 20 years, the #1 seed has won the championship 12 times. Those are solid odds!
- The lowest-seeded team to win the NBA Finals in recent history was the sixth-seed 1995 Houston Rockets.
- Since 1991, the UNDER is 100-79 in championship games.
- The Warriors are 14-2-2 ATS in NBA Finals games since the start of 2014-15.
- Since 2010, the top team in the regular season has won the championship four times.
