Oddsmakers improve Miami Heat's chances; still behind Cavaliers, Bulls to win East

The Miami Heat have done well for themselves over the summer by retaining key free agents, welcoming back a healthy Chris Bosh and signing veteran free agents Amar'e Stoudemire and Gerald Green to sensible deals.

Oddsmakers Bovada (@BovadaLV) have taken notice and have been steadily improving the Heat's chances to win the NBA Finals and now have them at 20/1 odds, tied with the Chicago Bulls for eighth best overall in the league.

They were at just 33/1 odds after the NBA Finals between the Golden State Warriors and the Cavaliers and dipped down to just 40/1 odds the following month with free agency just around the corner before bouncing back strongly as preseason begins this weekend.

Miami, however, is still behind the Cleveland Cavaliers and the Bulls as favorites to win the Eastern Conference Championship with 9/1 odds.

Cleveland remains the favorite to win their first-ever NBA title with LeBron James returning on a one-year deal.

Odds on 6/17/15                 Odds on 7/6                 Current Odds (9/30)

Cleveland Cavaliers                               3/1                                11/4                              11/4

San Antonio Spurs                                10/1                              9/2                                3/1

Golden State Warriors                           5/1                                9/2                                5/1

Oklahoma City Thunder                          7/1                                15/2                              17/2

Los Angeles Clippers                            10/1                              20/1                              10/1

Houston Rockets                                  18/1                              20/1                              16/1

Chicago Bulls                                        10/1                              16/1                              20/1

Miami Heat                                            33/1                              40/1                              20/1

Memphis Grizzlies                                 25/1                              28/1                              33/1

Atlanta Hawks                                       25/1                              33/1                              50/1

Dallas Mavericks                                   33/1                              20/1                              50/1

Indiana Pacers                                      33/1                              40/1                              50/1

Milwaukee Bucks                                   100/1                            50/1                              50/1

New Orleans Pelicans                            33/1                              33/1                              50/1

Toronto Raptors                                    40/1                              40/1                              50/1

Washington Wizards                              40/1                              40/1                              50/1

Boston Celtics                                      50/1                              66/1                              75/1

Detroit Pistons                                      100/1                            100/1                            100/1

Los Angeles Lakers                               66/1                              50/1                              100/1

Phoenix Suns                                        100/1                            100/1                            100/1

Portland Trail Blazers                             40/1                              75/1                              100/1

Utah Jazz                                             100/1                            100/1                            100/1

Brooklyn Nets                                       100/1                            150/1                            150/1

Minnesota Timberwolves                        150/1                            150/1                            150/1

New York Knicks                                   100/1                            150/1                            150/1

Charlotte Hornets                                  250/1                            250/1                            250/1

Denver Nuggets                                    100/1                            150/1                            250/1

Orlando Magic                                      250/1                            250/1                            250/1

Philadelphia 76ers                                 250/1                            250/1                            250/1

Sacramento Kings                                 100/1                            150/1                            250/1

Conference Odds

Odds to win the Eastern Conference

Cleveland Cavaliers                   1/3

Chicago Bulls                            8/1

Miami Heat                                9/1

Atlanta Hawks 18/1

Indiana Pacers 25/1

Milwaukee Bucks 25/1

Toronto Raptors 25/1

Washington Wizards 25/1

Boston Celtics 40/1

Brooklyn Nets 75/1

Detroit Pistons 75/1

New York Knicks 75/1

Charlotte Hornets 100/1

Orlando Magic 125/1

Philadelphia 76ers 125/1

Odds to win the Western Conference

San Antonio Spurs 2/1

Golden State Warriors               3/1

Oklahoma City Thunder 9/2

Los Angeles Clippers 6/1

Houston Rockets 9/1

Memphis Grizzlies 16/1

New Orleans Pelicans 20/1

Dallas Mavericks 28/1

Los Angeles Lakers 50/1

Phoenix Suns 50/1

Portland Trail Blazers 50/1

Utah Jazz 50/1

Minnesota Timberwolves 75/1

Denver Nuggets 125/1

Sacramento Kings 125/1