The Cavaliers, which lost to the Golden State Warriors in the NBA Finals four games to two, are listed as a 9-4 favorite.
The Warriors are right behind Cleveland as 5-1 favorites along with Oklahoma City Thunder, who missed the playoffs this season after five straight postseason appearances.
Sportsbook.ag also has the Cavaliers, Warriors and Thunder as the three teams most likely to hoist the Larry O'Brien trophy next season.
The Los Angeles Clippers blew a 3-1 series lead to the Houston Rockets in the Western Conference semifinals and are next on Westgate's list at 10-1 odds. The San Antonio Spurs and Chicago Bulls are 12-1 favorites.
These initial odds are expected to change significantly depending on what happens in free agency.
Among those who could be unrestricted free agents on July 1 are Cavaliers forwards LeBron James and Kevin Love, who both have player options in their contracts, Clippers center DeAndre Jordan, Memphis Grizzlies center Marc Gasol, Portland Trail Blazers forward LaMarcus Aldridge, and Miami Heat guard Dwyane Wade, who also has an player option in his deal.
- Scooby Axson