Lines for “who will win the title” are not efficient. If there’s a lot of stupid money on one team to win the title, the books will move the line to protect their downside, and there’s no mechanism for smart money to take the field and push the odds back to where they should be.
Regular-season over/under lines, however, are efficient, and I think we can assume they are highly correlated with gamblers’ perceptions of each team’s title chances. Here’s what those O/Us look like now (
source):
Bucks 55.5
Lakers 54.5
Rockets 53.5
Sixers, Raptors, Jazz 52.5
Nuggets 50.5
Those lines just opened, so maybe bettors will bid down the Lakers’ O/U. Personally, I kind of doubt it. These lines will move as the offseason unfolds, of course — there are all sorts of assumptions about what happens with Kawhi, Kyrie, et al., baked into these numbers. Right now, however, the conventional wisdom is that we’re looking at the most wide-open title chase in years, with the Lakers being one of a handful of teams with a decent chance to raise the trophy. That doesn’t strike me as obviously wrong.
Edit: Perhaps the Bucks are a clear-cut favorite if they re-sign all their key players; it’s unclear how much the uncertainty surrounding their free agents is weighing down their O/U.