NBA Championship Odds & Favorites 2025: Thunder Even Score With Celtics

The rest of the league has been playing catch-up to the Boston Celtics all season. They were the preseason favorites who had never relinquished their spot as the No. 1 team in the 2024-25 NBA championship betting odds until recently.

However, that reign finally took a hit, as the Oklahoma City Thunder, have finally caught up and are tied with the defending league champions across our best sports betting apps, after taking down Boston head-to-head to kick off the new year.

Here's a look at the latest NBA championship odds.

NBA championship odds 2025

Live NBA championship odds from our best NBA betting sites.

• The market still isn't a full believer in the Cavaliers, who are a distant third on the oddsboard despite getting off to a perfect 15-0 start to the campaign and still sitting with the league's best record after beating the Thunder
• The Knicks have been starting to turn up the gas with an elite offensive unit, and tons of star power led as Karl-Anthony Towns and Jalen Brunson lead the way
• The Nuggets have found their way into the top five thanks to the dominance of Nikola Jokic, who's on the quest for his fourth MVP award
• The 76ers are a stunning 15-25 given their talent level, but they're starting to find their footing as the team works itself into full health following a boatload of injuries to their star trio

NBA championship odds favorites 2025

Celtics NBA championship odds: +255

It would have been understandable for the Celtics to come out of the gates slowly to kick off the season after emphatically proving they were the league's best team during their championship run last postseason.

Instead, they just reinforced the belief that they're the clear team to beat this year, too. The Celtics began the season with a bang, and they stand with an impressive 29-13 record as of Jan. 11.

However, Boston hasn't been playing its best lately, with the club going just 10-9 in its last 19 games. And that cold streak includes a loss to the Chet Holmgren-less Oklahoma City Thunder. The Celtics enjoyed their full allotment of players for the contest, but they went just 9-for-46 from beyond the arc in the tough offensive performance.

That loss highlighted a potential issue for the Celtics, who lead the NBA in 3-point attempts per game. If those shots aren't falling from distance, they're certainly beatable, and a cold stretch in the playoffs could send them packing.

With that in mind, the Celtics' most significant competition on paper in the Eastern Conference comes from the Knicks and Cavaliers, along with the struggling, yet star-powered 76ers. But a finals matchup with the Thunder could prove to be the most challenging.

Best odds: +255 via DraftKings | Implied probability: 28.17%

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Thunder NBA championship odds: +255

The Oklahoma City Thunder are one of the greatest defensive units of the modern era. Their defensive rating easily leads the league, and the gap between them and second place is larger than the one between second and 11th. They lead the NBA in field-goal defense, steals, and the Thunder are allowing the fewest points per game.

And the craziest part is they have yet to play a game with their full roster, as defensive superstar Holmgren was sidelined due to an injury 10 games into the year before bulky big man Isaiah Hartenstein made his franchise debut.

It should be a scary thought for the rest of the NBA when the Thunder are fully healthy, because they've been nearly unstoppable with their current personnel.

Talking about the defense only would be a disservice to point guard Shai Gilgeous-Alexander, who holds the inside track in the NBA MVP odds thanks to a dominant scoring campaign, and he also leads his squad in assists and steals per game.

Put all the pieces together, and it's a no-brainer that the Thunder have caught up the the preseason favorite and defending champion Celtics. Whether they can get over the hump in a seven-game series remains the question.

Bettors wanting to take that chance would earn $25.50 on a $10 bet.

Best odds: +255 via DraftKings| Implied probability: 28.17%

My NBA championship odds team to watch

Cavaliers NBA championship odds: +950

It seems like many were expecting the Cavaliers to fall off after a crazy 15-0 start to the 2024-25 NBA season. But the team just keeps winning.

The Cavs still hold the NBA's best record nearly halfway into the season, and they just posted a 12-game winning streak, their second double-digit run already this campaign.

While there were some more notable coaching moves in the offseason, the Cavaliers swapping JB Bickerstaff for Kenny Atkinson seems like one of the best so far. He's firmly taken control of the NBA Coach of the Year odds.

Atkinson has led the Cavaliers to a sparkling 35-6 record to begin the year, and they sit No. 1 in offensive rating and No. 10 in defensive rating. That's after a season when the Cavs ranked just 18th offensively.

All four Cleveland stars - Donovan Mitchell, Darius Garland, Evan Mobley, and Jarrett Allen - are averaging at least 14.1 points while shooting 44% or better from the field.

Between the gaudy record and marquee wins over the leading two teams in the betting odds, Cleveland has more than proven it belongs at the top of the NBA. The team is getting odds three times larger than Boston and OKC, with a $10 bet returning a $95 profit. The Cavaliers still possess value as their odds continue to shorten.

Best odds: +950 via DraftKings | Implied probability: 9.52%

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NBA conference winner odds

Here's a look at how the Eastern and Western Conference odds shake out at this point of the season, with all odds courtesy of FanDuel.

How to bet on the NBA championship 

Betting on NBA championship odds is pretty simple. First, pick a reputable sportsbook that offers NBA futures.

Check out the odds for each team; for example, if the Lakers are +500 to win it all, a $100 bet on the Lakers would win you $500 if they take the championship. Place your bet by deciding how much you want to wager. If you bet $100 on the Lakers at +500 and they win, you’ll get $600 back ($500 profit + $100 stake).

Keep an eye on the teams' performances throughout the season to see how your bet is doing.

It's important to remember that odds move in future markets. It’s all about performance and perception. If a team starts playing better or worse than expected, their odds will change.

Injuries to key players can also significantly impact a team's chances and thus their odds. Trades and new player acquisitions can shift odds too. Public betting trends play a role - if a lot of people are betting on one team, sportsbooks might adjust the odds to balance their risk.

Expert analysis and predictions can influence how people bet, which in turn affects the odds.

How to read NBA championship odds

Reading NBA championship odds is straightforward. Odds are usually presented in a format like +500 or -200. Positive odds (e.g., +500) show how much profit you’d make on a $100 bet.

For example, a $100 bet at +500 odds would win you $500, plus your original $100 stake, totaling $600. Negative odds (e.g., -200) indicate how much you need to bet to win $100. So, a $200 bet at -200 odds would win you $100, plus your $200 stake, totaling $300.

These odds also reflect the probability of a team winning the championship. Lower odds (e.g., +300) suggest a higher likelihood, while higher odds (e.g., +2000) indicate a lower probability.

Sportsbooks adjust these odds based on factors like team performance, injuries, trades, and betting patterns.

For example, if the Lakers have +500 odds and the Nets have +700 odds, the Lakers are considered more likely to win. If you bet $100 on the Lakers and they win, you’d get $600 back ($500 profit + $100 stake).

NBA championship opening odds

• Celtics: +310
• Nuggets: +750
• Mavericks: +950
• Thunder: +950
• Bucks: +1000
• Timberwolves: +1000
• Knicks: +1600
• 76ers: +1600
• Clippers: +2000
• Warriors: +2500
• Lakers: +2500
• Suns: +2500
• Heat: +3500
• Grizzlies: +4000
• Cavaliers: +5000
• Pacers: +5000
• Pelicans: +5000
• Magic: +5000
• Kings: +5000
• Hawks: +10000
• Rockets: +10000
• Spurs: +10000
• Bulls: +15000
• Raptors: +25000
• Jazz: +25000
• Nets: +50000
• Hornets: +50000
• Pistons: +50000
• Trail Blazers: +50000
• Wizards: +50000

NBA Finals betting history

NBA Championship FAQs

Who is favored to win the 2024-25 NBA championship?

The Boston Celtics and Oklahoma City Thunder are the co-favorites to win the 2024-25 NBA championship while getting odds of +255. Those odds imply a probability of 28.17% that the Celtics will repeat as NBA champions or the Thunder will steal the crown.

Who won the NBA Finals last year?

The Boston Celtics won the 2024 NBA Finals, defeating the Dallas Mavericks in five games. In 2023, the Denver Nuggets defeated the Miami Heat in five games to win their first NBA title in franchise history.

When will the 2025 NBA Finals be decided?

The last NBA Finals began on June 5. Expect the 2024-25 postseason to run on a similar schedule.

When's the last time an NBA team won back-to-back titles?

The last time an NBA team went back-to-back was when the Golden State Warriors won the championship in 2017 and 2018.

NBA betting odds pages

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