07/11/2014 02:10 pm ET Updated Jul 11, 2014

Just Like That, The Cleveland Cavaliers Are Favorites To Win The NBA Title

Jim McIsaac via Getty Images

The Cleveland Cavaliers, a team that has failed to reached the playoffs in four years and has been a regular in the NBA Draft Lottery during that time, are suddenly the favorites to win the 2014-15 NBA championship. All it took was four-time NBA MVP and two-time NBA champ LeBron James announcing his return to the team where his professional career began.

Shortly after LeBron's decision to leave Miami for Cleveland was revealed on Friday in an article published online by Sports Illustrated, the Cavs were installed as 4/1 favorites to win the NBA title in 2015, according sportsbook Bovada. A day after the NBA finals ended in June, Miami was still favored to win the title while Cleveland had 33/1 odds.

The latest NBA title odds are a little different, via Bovada:

  • Cleveland Cavaliers 4/1
  • San Antonio Spurs 5/1
  • Oklahoma City Thunder 6/1
  • Chicago Bulls 7/1
  • Houston Rockets 8/1
  • Los Angeles Clippers 10/1
  • Indiana Pacers 18/1
  • Golden State Warriors 25/1
  • Portland Trailblazers 25/1
  • Dallas Mavericks 33/1
  • Los Angeles Lakers 33/1
  • Washington Wizards 33/1
  • Brooklyn Nets 40/1
  • New York Knicks 40/1
  • Toronto Raptors 40/1
  • Memphis Grizzlies 50/1
  • Miami Heat 50/1