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Cavaliers undervalued in latest odds to win NBA Finals after taking 2-0 lead vs. Magic

Looking at the Cavaliers’ NBA championship odds after getting off to a hot start in the first round against Orlando. 

By Shelby Dermer

Apr 22, 2024; Cleveland, Ohio, USA; Cleveland Cavaliers guard Donovan Mitchell (45) reacts in Game 2 of the first round of the Eastern Conference Playoffs against the Orlando Magic.
Apr 22, 2024; Cleveland, Ohio, USA; Cleveland Cavaliers guard Donovan Mitchell (45) reacts in Game 2 of the first round of the Eastern Conference Playoffs against the Orlando Magic. / David Richard-USA TODAY Sports
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In a throwback to old-school basketball, the Cleveland Cavaliers and Orlando Magic have battled in two first-round playoff games that have failed to crack 200 total points. 

Cleveland used a dominant defense to take a commanding 2-0 first-round lead over the Magic before the series shifts to Orlando. However, oddsmakers have not been impressed by the Cavaliers, which is apparent from Cleveland’s longshot odds to make any noise in the Eastern Conference Tournament. 

Would you believe the Cavaliers odds have gotten worse to win it all despite a 2-0 lead? 

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Cavs undervalued in latest odds to win NBA Finals 

One week ago, FanDuel Sportsbook listed the Cavaliers at +4200 to win the NBA Finals for the second time in franchise history (2018). That was an implied probability of 2.33%. Even with a two-game lead over the Magic, Cleveland’s championship odds have gotten longer.

As of Tuesday afternoon, FanDuel has dropped the Cavaliers to the 11th favorite in the playoff field at +5500 ($100 bet wins $5,500). Those odds carry an implied probability of just 1.79% that Cleveland can run the table. 

Cleveland hasn’t moved in its chances of making the NBA Finals, either. The Cavaliers opened as a 16-to-1 longshot to win the Eastern Conference.

Those odds, which have an implied probability of 5.88%, have remained the same. Cleveland’s odds were stagnant, but the Cavaliers did jump from the fifth-favorite to win the east to the fourth as the Philadelphia 76ers have plummeted to +1900. 

Cleveland a small underdog in Game 3

The Cavaliers can all but put their first-round battle with Orlando away with a Game 3 victory on Wednesday. According to FanDuel, Cleveland is a 1.5-point underdog for Game 3 against the Magic at Kia Center.

Orlando has the best ATS mark as a home favorite in the league this season (19-6). Cleveland has gone just 10-11 ATS as a road underdog this season. 

With a two-game edge, the Cavaliers are still monster favorites to win the series against the Magic. Per FanDuel, Cleveland is -800 ($100 bet wins $12.50) to advance to the second round in the Eastern Conference bracket, which is an implied probability of 88.89%. 

Game odds update periodically and are subject to change.

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