Twenty-nine National Basketball Association teams will attempt to ruin the back-to-back championship ambitions of the reigning champ Boston Celtics.

After free agency, several teams saw their betting odds improve, including one NBA team that is publicly traded.

What Happened: While many struggling NBA teams looked to turn their fortunes around with the 2024 NBA Draft, several key NBA championship contenders took to free agency to land new signings or utilized trades to send draft picks for assets that could help them win now.

The Celtics are heavy favorites to win back-to-back NBA championships. Here's a look at the current odds from DraftKings Inc (NASDAQ:DKNG) and the betting odds prior to the NBA Draft and start of free agency:

Boston Celtics: +295 (+290)

Philadelphia 76ers: +800 (+1,300)

Oklahoma City Thunder: +850 (+850)

Denver Nuggets: +850 (+800)

New York Knicks: +950 (+1,000)

Minnesota Timberwolves: +1,000 (+1,000)

Dallas Mavericks: +1,000 (+1,100)

Milwaukee Bucks: +1,100 (+1,000)

Los Angeles Lakers: +3,000 (+3,000)

Phoenix Suns: +3,500 (+3,000)

The Celtics are currently the best preseason favorite to win an NBA championship since the 2017-2018 season, when the Golden State Warriors were listed at -180. The Warriors won a title that season, and nine of the last 16 preseason favorites have won the NBA title, as ESPN reported.

To challenge the Celtics, several teams made big moves. The 76ers added Paul George in free agency to give the team a "Big 3" of George, Joel Embiid and Tyrese Maxey.  The Thunder added Isaiah Hartenstein in free agency and acquired Alex Caruso via trade. The Mavericks added Klay Thompson in free agency.

One of the biggest offseason transactions was the Knicks trading multiple draft picks to get Mikal Bridges from the Brooklyn Nets. Bridges averaged 19.6 points, 4.5 rebounds and 3.6 assists in 82 games last season, tying his career highs for average rebounds and assists per game.

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Why It's Important: The Knicks are now one of the favorites to win the NBA championship, which comes a season after finishing second in the Eastern Conference.

Along with bettors backing the Knicks, investors can also support the team, as the Knicks are owned by the publicly traded Madison Square Garden Sports (NYSE:MSGS).

The Knicks are one of the most valuable NBA teams, ranked second at $6.6 billion by Forbes, and have a large fan base.

When it comes to postseason success, the team has struggled, last winning an NBA title in 1973 and last reaching the NBA Finals in 1999.

The Knicks have made the playoff in three of the last four seasons, ending a seven-season drought in 2021, but have not advanced past the second round since 2000.

With Bridges on the team, bettors and Knicks fans have high hopes for the upcoming season. A championship could boost the overall valuation of the team and likely its stock.

Along with the Knicks being a strong betting choice for the NBA championship, the NHL's New York Rangers are ranked fifth in betting odds to win the next Stanley Cup at +1,300, compared to the leading Edmonton Oilers at +850.The Rangers are also owned by Madison Square Garden Sports.

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