The 2022 NBA Playoffs are underway and the favorite won the first game in seven out of eight first-round matchups. Oddsmakers adjusted their series odds after the first games, with the Milwaukee Bucks and Phoenix Suns — the two teams from the 2021 NBA Finals — the overwhelming favorites to win their opening-round series at -3000 odds each. Meanwhile, the Boston Celtics and Brooklyn Nets are in a tight first-round series, with the Celtics seeing an odds bump after taking a 1-0 lead.

Devin Booker Phoenix Suns Bucks 2022 NBA Playoffs Series Odds First Round Nets Celtics Grizzlies Timberwolves
Devin Booker from the Phoenix Suns shoots over CJ McCollum of the New Orleans Pelicans in Game 1 of their first-round playoff series. (Image: Getty)

The Memphis Grizzlies posted the second-best record in the NBA this season and snagged the #2 seed in the Western Conference. The Grizzlies and #7 Minnesota Timberwolves — the two highest-scoring teams in the NBA – squared off in a series that’s definite must-see TV. The Timberwolves tripped up Ja Morant and the Grizzlies in Game 1 and are now in the closest betting race in the first round. The Grizzlies find themselves at only -125 odds and the Timberwolves +105 to win their first-round series.

We’re only two days into the playoffs, but the Suns are the consensus favorite at +200 odds to win the 2022 NBA Championship. Meanwhile, the Bucks are the second-highest team on the DraftKings’ futures board at +475 odds to win back-to-back titles

Eastern Conference playoff series odds

All of the favorites won Game 1 in the Eastern Conference Playoffs. The Atlanta Hawks won two games in the Play-In Tournament, and defeated the Charlotte Hornets and Cleveland Cavaliers to secure the #8 seed. In Game 1, the Hawks missed Clint Capela who hyperextended his knee in the play-in finale. The Hawks got John Collins back in the lineup, but he was a tad rusty in the 24-point blowout. The top-seeded Heat were -370 odds to win the series before Game 1, but now they’re -750 odds.

2022 NBA Playoffs – Series Odds
Eastern Conference
#1 Miami Heat vs #8 Atlanta Hawks Heat -750 Hawks +500
#2 Boston Celtics vs #7 Brooklyn Nets Celtics -220 Nets +180
#3 Milwaukee Bucks vs #6 Chicago Bulls Bucks -3000 Bulls +1200
#4 Philadelphia 76ers vs #5 Toronto Raptors 76ers -475 Raptors +340

The #2 Boston Celtics edged out the #7 Brooklyn Nets with a buzzer-beater from Jayson Tatum, but they failed to cover the spread. The Celtics opened as -130 favorites, but now they’re -220 odds to win the series after winning Game 1 against the Nets. You can still take a flier on the Nets to win their series at +180 odds if you think they can win four games before the Celtics win three more.

The #3 Bucks won a low-scoring Game 1 by seven points against the #6 Chicago Bulls, yet the Bulls are the long shot on the board at +1200 odds to win their opening-round series.

The #4 Philadelphia 76ers improved from -180 to -475 odds to defeat the banged-up #5 Toronto Raptors in their series.

Western Conference playoff series odds

The New Orleans Pelicans won two games in the play-in tournament against the San Antonio Spurs and LA Clippers to earn the #8 seed. They looked flat in the first half against the #1 Phoenix Suns. They looked much better in the second half, but the Suns held them off to take a 1-0 lead. The Pelicans are one of the other biggest long shots at +1200 odds to pull off a major first-round upset over the Suns.

2022 NBA Playoffs – Series Odds
Western Conference
#1 Phoenix Suns vs #8 New Orleans Pelicans Suns -3000 Pelicans +1200
#2 Memphis Grizzlies vs #7 Minny Timberwolves Grizzlies -125 T-Wolves +105
#3 Golden State Warriors vs #6 Denver Nuggets Warriors -500 Nuggets +370
#4 Dallas Mavs vs #5 Utah Jazz Jazz -700 Mavs +500

The #2 Grizzlies opened as -330 odds to knock out the #7 Timberwolves in the first round, but their odds shrunk to -125 after a Game 1 loss. The Timberwolves went from +260 odds to +105 odds to pull off the first-round upset over the Griz.

The #3 Golden State Warriors got Steph Curry back in action after a foot injury sidelined him for a couple of weeks. Curry came off the bench more as a precaution, but the Warriors still coasted to a 16-point win in Game 1 over the #6 Denver Nuggets. The Warriors jumped from -250 odds to -500 odds to knock out the Nuggets in the first round.

Without Luka Doncic, the #4 Mavs dropped Game 1 against the #5 Utah Jazz. Doncic might not play in Game 2 tonight, and the Mavs could lose two home games with the series shifting to Utah for the next two games. The Mavs are down 0-1 and are now +500 odds to pull off the comeback against the Jazz.

Check out more of OG’s coverage of the 2022 NBA Playoffs.