The New York Knicks won their first NBA title since 1973, but bookmakers aren’t exactly confident in their NBA championship odds early in the offseason. Instead, they’re projecting a Victor Wembanyama revenge season, with the Spurs opening as +250 favorites.
2027 NBA Championship Odds: OKC and Spurs ahead of Defending Champs
- A look at the 2027 NBA Championship odds
- Can the Spurs overcome the Thunder in the West?
- NBA championship odds updates
© Julio Cortez-Pool Photo via Imagn Images
Can Victor Wembanyama take the next step to greatness and lead his Spurs to a championship in 2026-27?
Wembanyama is also a leading contender in the NBA MVP odds, while Spurs coach Mitch Johnson was a finalist in the NBA Coach of the Year odds last season.
It’ll be tough for any team to challenge the Spurs or OKC Thunder in the 2026-27 NBA season, but stay with us and we’ll keep you updated on the latest NBA championship odds changes – and which teams offer the best betting value.
🏀 2027 NBA Championship odds
| Team | Odds | Implied Probability |
|---|---|---|
 Oklahoma City Thunder |
+260 | 27.78% |
 San Antonio Spurs |
+270 | 27.03% |
 Philadelphia 76ers |
+850 | 10.53% |
 New York Knicks |
+900 | 10.00% |
 Boston Celtics |
+1400 | 6.67% |
 Minnesota Timberwolves |
+2200 | 4.35% |
 Cleveland Cavaliers |
+2200 | 4.35% |
 Toronto Raptors |
+2500 | 3.85% |
 Denver Nuggets |
+2500 | 3.85% |
 Detroit Pistons |
+2500 | 3.85% |
2027 NBA Championship odds courtesy of bet365 – accurate as of October 20
🏆 NBA championship odds favorites
Oklahoma City Thunder | +260 odds
The Oklahoma City Thunder were massive betting favorites in the NBA championship odds throughout the 2025-26 NBA season, but were upset in the Western Conference Finals by the Spurs. Still, they were one game short of making a second consecutive NBA Finals and return in 2026-27 with the same young – and still-developing – core that helped them win a title in 2025.
Barring injuries, it’s hard to imagine the Thunder aren’t near the top of the Western Conference standings once again in 2026-27, especially with a motivated Shai Gilgeous-Alexander, the reigning winner in the NBA MVP odds.
San Antonio Spurs | +270 odds
Led by NBA Defensive Player of the Year odds favorite Victor Wembanyama and NBA 6th Man of the Year odds winner Keldon Johnson, the Spurs have a deep rotation and are coming off a season in which they reached the 60-win mark for the first time since the 2016-17 season.
They may have fallen short in the NBA Finals, but their current NBA championship odds reflect a widespread belief that they’re primed for a dynasty-like title run. They also now have the collective experience that they lacked in this past year’s NBA playoffs.
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🏆 NBA Championship odds sleeper pick
Toronto Raptors | +2500 odds
The Raptors stand out as one of the more intriguing NBA championship odds sleeper picks after bringing Kawhi Leonard back to Toronto to play alongside and mentor Scottie Barnes. Leonard’s defensive pedigree and Barnes’ versatility could give Toronto a formidable two-way combination, with both players also capable of entering the NBA Defensive Player of the Year odds conversation if they deliver at their best.
RJ Barrett and Immanuel Quickley provide additional scoring, playmaking, and perimeter depth, while second-year emerging star Collin Murray-Boyles has the versatility to make an immediate impact on both ends of the floor. His all-around game could quickly place him in the NBA Most Improved Player odds conversation if he earns a larger offensive role.
With Leonard’s experience, Barnes’ continued development, and an increasingly talented supporting cast, Toronto has the ingredients to outperform expectations. If the roster comes together, the Raptors could emerge as a legitimate dark horse in the Eastern Conference title race.
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🏀 NBA Championship odds updates
The NBA championship odds change regularly, reflecting major transactions, injuries, and recent performance. Here are some of the most notable events that have significantly shifted the 2026-27 NBA championship odds thus far:
- July 28: The Philadelphia 76ers’ NBA championship odds shortened from +2500 to +900 after signing Lebron James.
- July 14: The Toronto Raptors and Philadelphia 76ers’ NBA championship odds shorten after adding Kawhi Leonard and Jaylen Brown, respectively.
- July 6: The Miami Heat go from an expected playoff contender to having the fourth-shortest NBA championship odds after acquiring Giannis Antetokounmpo from the Milwaukee Bucks.
NBA Championship opening odds
| Team | Odds | Implied Probability |
|---|---|---|
| San Antonio Spurs |
+250 | 28.57% |
| Oklahoma City Thunder |
+250 | 28.57% |
| Boston Celtics |
+600 | 14.29% |
| New York Knicks |
+700 | 12.50% |
| Denver Nuggets |
+2500 | 3.85% |
| Detroit Pistons |
+2800 | 3.45% |
 Indiana Pacers |
+3000 | 3.23% |
 Los Angeles Lakers |
+3000 | 3.23% |
| Minnesota Timberwolves |
+3000 | 3.23% |
| Cleveland Cavaliers |
+3500 | 2.78% |
Understanding NBA Finals point spreads and lines
Betting on the spread provides more wiggle room for bettors, since the winner and loser doesn’t play too much of a role. What you’re looking at is the point differential on the scoreboard.
For example, let’s take a look at a potential NBA Finals game between the Celtics and Nuggets:
| Team | Odds |
|---|---|
|
Boston Celtics |
-4.5 (-110) |
|
Denver Nuggets |
+4.5 (-110) |
In this scenario, the Celtics are favored to win Game 1 by at least 4.5 points, indicated by the minus sign (-) in front of the 4.5.
If Boston defeated Denver by five points, for example, that would mean it covered the spread, resulting in a winning bet. However, if Boston won by just four points, that would mean the Nuggets covered as the +4.5-point underdogs, indicated by the plus sign (+) in front of the 4.5.
📖 Reading the NBA Finals moneyline odds
Betting the moneyline simply means you’re picking the winner of a specific game. The point spread doesn’t factor in at all, so if the team you’re betting on emerges victorious, then so do you.
For example, let’s look at a potential NBA Finals game between the Celtics and Nuggets:
| Team | Odds |
|---|---|
|
Boston Celtics |
-120 |
|
Denver Nuggets |
+150 |
The Nuggets are the underdogs for the game, specified by the plus sign (+) in front of the odds. The Celtics, meanwhile, are the favorites as indicated by the minus sign (-).
If you were to place a $100 wager on the Celtics to win and Boston prevailed, then you’d win your original bet back plus $80 in profit. However, if you bet on the Nuggets to win and that’s the end result, then you’d receive the original bet plus $150 in profit because they were the underdogs.
🏆 Past NBA Finals winners
| Season | NBA Champion | Runner-up |
|---|---|---|
| 2025-26 | New York Knicks | San Antonio Spurs |
| 2024-25 | Oklahoma City Thunder | Indiana Pacers |
| 2023-24 | Boston Celtics | Dallas Mavericks |
| 2022-23 | Denver Nuggets | Miami Heat |
| 2021-22 | Golden State Warriors | Boston Celtics |
| 2020-21 | Milwaukee Bucks | Phoenix Suns |
| 2019-20 | Los Angeles Lakers | Miami Heat |
| 2018-19 | Toronto Raptors | Golden State Warriors |
| 2017-18 | Golden State Warriors | Cleveland Cavaliers |
| 2016-17 | Golden State Warriors | Cleveland Cavaliers |
| 2015-16 | Cleveland Cavaliers | Golden State Warriors |
🏆 Teams with the most NBA championships
| Team | Championships |
|---|---|
|
Boston Celtics |
18 |
|
Los Angeles Lakers |
17 |
|
Golden State Warriors |
7 |
|
Chicago Bulls |
6 |
|
San Antonio Spurs |
5 |
|
Philadelphia 76ers |
3 |
|
Detroit Pistons |
3 |
|
Miami Heat |
3 |
|
New York Knicks |
3 |
|
Houston Rockets |
2 |
|
Milwaukee Bucks |
2 |
📈 NBA Championship odds trends
-
There has been a new NBA champion crowned each of the last eight years.
-
The 2023 Nuggets and 2024 Thunder were the first two teams to avoid playing a No. 1, 2, or 3 seed en route to winning the championship.
-
The Houston Rockets in 1995 were the last team with a No. 4 seed or lower (No. 6) to win the championship.
-
The Clippers, Minnesota Timberwolves, New Orleans Pelicans, Charlotte Hornets, and Memphis Grizzlies are the only franchises to have never advanced to the Finals.
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Our best NBA betting sites
To make sure you get the most value on your NBA odds, go to the best NBA betting sites prior to placing your wagers throughout the postseason.
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Want insights on NBA betting markets?
Take a look at other Oddspedia Insights articles that give you everything you need in order to become a successful bettor.
❓ NBA Championship odds FAQs
Who is the favorite to win the 2027 NBA Championship?
The San Antonio Spurs and Oklahoma City Thunder are the early favorites in the NBA championship odds. Both of their elite defenses and championship-caliber young cores make them the teams to beat in the 2026-27 NBA season.
How Are NBA Championship Odds Calculated?
NBA championship odds are set by sportsbooks using team strength, player talent, injuries, schedule difficulty, and betting action. American odds can be converted into implied probability, which estimates each team’s chance of winning the title. Understanding implied probability helps bettors determine whether the NBA championship odds offer value compared to their own projections.
When Is the Best Time to Bet NBA Championship Odds?
The best time to bet NBA championship odds depends on your strategy. Preseason bets can offer higher payouts on emerging contenders, while midseason wagers allow bettors to evaluate roster chemistry, injuries, and trade deadline moves. Waiting until the playoffs provides more certainty, but championship odds are usually much shorter on the top contenders.
Can Longshots Win the NBA Championship?
While favorites win the NBA Finals more often than not, longshots occasionally emerge as legitimate title threats after major trades, breakout seasons, or favorable playoff matchups. Teams that improve defensively or add another superstar can see their NBA championship odds shorten dramatically during the season. Identifying those teams early is often where the best betting value is found.
Chris Roberts
