2026 NBA Championship Odds: Bucks, Rockets Move Up, Thunder Favored

NBA free agency is well underway, and while we've seen some roster shakeups, including the Bucks' stunning release of Damian Lillard, it's still the Thunder who top the NBA Championship odds board as they look to repeat.

Jason Logan: Senior Betting Analyst at Covers
Jason Logan • Senior Betting Analyst
Jul 2, 2025 • 11:12 ET • 5 min read
Damian Lillard NBA
Photo By - Imagn Images. NBA All-Star Damian Lillard.

The Oklahoma City Thunder prevailed over the Indiana Pacers in Game 7 of the NBA Finals to win their first championship since the franchise relocated from Seattle. Shai Gilgeous-Alexander & Co. are expected to run it back next year with the shortest NBA odds on the board.

But there are 29 other teams that are trying for the Larry O'Brien Trophy in 2026, too. The Rockets soared to second-choice status following their acquisition of Kevin Durant, while the Bucks also climbed up the board after signing Myles Turner and cutting Damian Lillard.

Let's dive into the latest NBA Championship odds.

🏆 2026 NBA Championship odds

NBA Championship odds analysis

The Oklahoma City Thunder faced a greater challenge than some expected as the Indiana Pacers pushed them to a full seven games, but the money is just as green for those who backed OKC.

Game 7 did not even end before the first major offseason domino fell, however. The Phoenix Suns traded star forward Kevin Durant to the Houston Rockets hours before tip-off that day, and they are now listed as the second-choice in the 2026 NBA title betting.

Out East, the Indiana Pacers lost Myles Turner to the Milwaukee Bucks, who in turn released Damian Lillard, who may miss all of next season with an Achilles injury. The Bucks went from as long as +10000 to +4000 following the news.

Elsewhere, the Denver Nuggets saw their NBA Championship odds shift from +1600 to +750 following a flurry of moves that included swapping Michael Porter Jr. for Cameron Johnson and Dario Saric for Jonas Valanciunas. The club remained busy by acquiring Bruce Brown and Tim Hardaway via free agency to round out their depth chart. Denver is unlikely to retain Russell Westbrook, but that's hardly a big hit at this stage of his career as his athleticism continues to decline.

📈 2025 NBA Finals odds over time

Here's a visual representation of how the NBA championship odds evolved over the course of the 2024-25 season up until Game 7 of the NBA Finals.

💰 Sportsbook betting splits and insights

Highest ticket percentage
•    Nuggets 8.8%
•    Thunder 8.7%
•    Mavericks 8.2%
 
Highest handle percentage
•    Thunder 17.9%
•    Mavericks 16.3%
•    Lakers 13.3%
 
Biggest liability
•    Mavericks 
•    Lakers
•    Warriors 

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2026 NBA Championship opening odds

  • Thunder +230
  • Knicks +900
  • Pacers +900
  • Timberwolves +1000
  • Cavaliers +1100
  • Rockets +1200
  • Lakers +1600
  • Spurs +1600
  • Nuggets +1700
  • Celtics +2000
  • Warriors +2300
  • Magic +2500
  • Mavericks +4000
  • Clippers +4000
  • 76ers +4500
  • Heat +5000
  • Pistons +7000
  • Bucks +7500
  • Grizzlies +10000
  • Raptors +15000
  • Suns +17000
  • Kings +20000
  • Pelicans +20000
  • Nets +25000
  • Hawks +30000
  • Bulls +40000
  • Trail Blazers +40000
  • Wizards +60000
  • Hornets +60000
  • Jazz +60000

NBA Championship Odds FAQs

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Jason Logan Senior Industry Analyst Covers.com
Senior Betting Analyst

In his 20 years with Covers, lead NFL betting analyst; has seen it all and bet it all. Through the wild west of early Internet gambling to lobbying for legalized sports betting to our brave new wagering world, Jason has been a consistent source of actionable info and entertainment for squares and sharps alike. Since joining the Covers team back in 2005, he honed his handicapping skills to provide audiences with the most thorough insights, blending traditional capping methods with advanced modelling and predictive analysis. Jason has studied the ins and outs of the sports betting business, learning from some of the most successful gamblers in the industry and the biggest sportsbook operators on the planet. He is under center for Covers during NFL season as our top NFL expert, taking the points in his infamous NFL Underdogs column and representing the Covers Community at the Super Bowl. While he lives for football season, Jasons first love is basketball and that shows in his in-depth NBA, NCAA, and WNBA betting breakdowns. On top of being a mainstay in media from coast to coast; WPIX, PHL17, Fox 5 San Diego, WGNO, TSN, SportsNet, ESPN Radio; he had his analysis featured in USA Today, MSNBC, ESPN, the Wall Street Journal, CBS, Bloomberg, the L.A. Times, the New York Times and other major publications. You can also find JLo stuffing all the top picks and predictions he can into 10 minutes as the host of Covers; flagship podcast, The Sharp 600. His best advice for bettors new and old is; Handicapping isn't a one size fits all process. The impact and importance of information varies from bet to bet. Treat each wager different than the last.

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