The Los Angeles Lakers had one of the worst seasons in franchise history last year and the organization and their fans are hoping for a better outcome this year. The Lakers have certainly improved their roster this year and figure to be much better than a year ago but it seems as though their ceiling may be the eight seed in the Western Conference and even that may be a stretch. Don't tell bettors that though as there has reportedly been more money bet on the Los Angeles Lakers to win the NBA Championship this season than the Cleveland Cavaliers, according to David Purdum of ESPN.
On the surface that statement seems utterly ridiculous as the Lakers are not expected to be very good and the Cavaliers are expected to basically have a cake-walk to the NBA finals but when you look at the odds it makes some sort of sense. The Cavaliers opened up at 2-1 odds while the Lakers opened up at 300-1 odds so clearly the Lakers offer more bang for your buck, the problem is that the Lakers have about as low of a chance to win the title as any team in the league so the bets aren't very smart.
Monetarily speaking it makes some sense to bet the Lakers because if they somehow happen to shock everyone you will win a lot of money but the reality is that it's unlikely and bettors probably just wasted their money on a huge long shot. The Cavaliers won't win bettors as much money but they at least have a really good shot at winning them some sort of money.
Overall the Lakers have attracted the fifth most money to win the NBA title behind only the San Antonio Spurs, the Golden State Warriors, the Los Angeles Clippers and the Chicago Bulls. People would clearly rather bet on a longshot in hopes that they get really lucky and hit the jackpot than bet on the favorite and have a good chance of winning minimal money.
Lakers fans are always extremely optimistic because they have high expectations for a franchise that is used to winning championships or at the very least being in the mix. This year though that seems extremely unlikely and these bettors will probably regret their wager as Las Vegas has set their over/under at 28.5 and 68 percent of the money on their over/under has been placed on under.
