With the injuries piling up for the Oklahoma City Thunder to begin the season, the San Antonio Spurs have overtaken them as the favorites in the NBA championship odds.
While the Thunder continue to slide down the board, another Western Conference contender is gaining ground. The Houston Rockets have emerged as a team to watch, with Fred VanVleet and Marcus Smart bringing a completely different dynamic to their backcourt.
With the NBA regular season in full swing, let's take a look at the latest NBA odds.
🏆 Latest 2027 NBA Championship odds
| Team |  Probability |
|---|---|
 Spurs |
24% |
 Thunder |
16% |
 76ers |
13% |
 Knicks |
7% |
 Rockets |
7% |
 Celtics |
6% |
 Lakers |
5% |
 Timberwolves |
5% |
 Pistons |
4% |
 Raptors |
4% |
Odds updated as of 11-2. Odds from Polymarket. For help understanding probabilities, see our odds calculator.
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2026-27 NBA Championship odds favorites
Spurs (24%)
Coming into the season, the general consensus was that the Spurs and Thunder were comfortably ahead of the rest of the NBA as the two clear favorites to win the Finals.
However, with Oklahoma City dealing with a rash of injuries, San Antonio has overtaken the Thunder as the favorite in the market and has separated itself from the rest of the field.
The Spurs are an incredibly deep and talented team, and they still haven't had their full roster available with Tobias Harris sidelined to begin the season.
Thunder (16%)
The Thunder opened the season as 24% favorites to win the NBA Finals, but their odds have since drifted to 16% following a season-ending injury to Jalen Williams, with Cason Wallace and Chet Holmgren also expected to miss extended time.
One thing to keep in mind with Oklahoma City in this market is its massive war chest of draft picks. If injuries continue to derail its season, the Thunder have the assets to make a splashy move at the trade deadline to improve their championship chances.
76ers (13%)
The biggest question coming into the season was how all the pieces would fit together, but the 76ers haven't missed a beat and are off to a hot start with their new-look starting lineup featuring Jaylen Brown and LeBron James.
Not only has their starting five looked strong when sharing the floor, but Philadelphia has also showcased the depth of its roster.
The 76ers have several players capable of absorbing the offensive responsibilities when Joel Embiid and LeBron James are resting, allowing them to successfully manage their stars' workloads without sacrificing wins.
NBA Championship prediction
Celtics to win (6%)
Paul George was no throw-in in the Jaylen Brown trade. I'm convinced Boston's front office specifically targeted him because his player archetype fits perfectly with the way the Celtics want to play.
Why else would Boston send Brown to a division rival rather than deal him to a Western Conference team?
The Celtics have the ability to space the floor, switch defensively on the perimeter, protect the rim, and control the glass with Neemias Queta and Mitchell Robinson splitting minutes at center.
At 6% on Polymarket, the Celtics are absolutely worth a trade as a potential NBA Finals winner.
Pick made on 11-2.
There's not been much change since the LeBron James signing brought the Sixers' title odds to a robust 10%. The Spurs and Thunder have remained neck and neck, with their championship outlooks barely budging since Aug. 1.
NBA Championship trends
- Since the Warriors' 2018 repeat, the NBA has seen eight different champions in eight years. This is the longest such streak since the late 1970s.
- 23 of the last 26 champions ranked in the Top 10 in Defensive Rating during the regular season.
- 24 of the last 26 champions were Top 5 in either Offensive or Defensive efficiency.
- Since 2019, nearly every champion has been led by a non-U.S. superstar or a team built on international depth.
🏀 Recent NBA Finals winners
Here's a look at the last 10 NBA championship winners, courtesy of SportsOddsHistory:
| Year | Team | Opening Odds |
| 2026 | New York Knicks |
12.5% |
| 2025 |  Oklahoma City Thunder |
9.5% |
| 2024 |  Boston Celtics |
15.4% |
| 2023 |  Denver Nuggets |
6.7% |
| 2022 |  Golden State Warriors |
7.7% |
| 2021 |  Milwaukee Bucks |
16.7% |
| 2020 |  Los Angeles Lakers |
5.3% |
| 2019 |  Toronto Raptors |
1.5% |
| 2018 | Golden State Warriors |
62.7% |
| 2017 | Golden State Warriors |
31.7% |
Odds are correct at the time of publishing and are subject to change.
Not intended for use in MA.
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NBA Championship Odds FAQs
The San Antonio Spurs are favored to win the 2027 NBA Finals.
The New York Knicks won the 2026 NBA title, defeating the Spurs 4-1 in the NBA Finals.
