The Cavaliers are now 500/1 odds to win the NBA Finals next year.
LeBron James has agreed to a four-year deal worth $154 million to sign with the Los Angeles Lakers, his agency Klutch Sports Group announced with a press release on Sunday night.
Jeff Sherman, the Westgate Las Vegas SuperBook Manager, released updated odds for next year's NBA Championship.
The Golden State Warriors, which swept the Cleveland Cavaliers in this year's finals, have won three titles in the last four years and look to open next season as the favorites. After the James signing, the Lakers' odds improve to 7/2. The Cavaliers' odds have fallen to 500/1.
The Lakers have not won an NBA title since 2010.
The full odds can be found below:
Trail Blazers 100/1