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 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 HawksHeat -750Hawks +500
#2 Boston Celtics vs #7 Brooklyn NetsCeltics -220Nets +180
#3 Milwaukee Bucks vs #6 Chicago BullsBucks -3000Bulls +1200
#4 Philadelphia 76ers vs #5 Toronto Raptors76ers -475Raptors +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 PelicansSuns -3000Pelicans +1200
#2 Memphis Grizzlies vs #7 Minny TimberwolvesGrizzlies -125T-Wolves +105
#3 Golden State Warriors vs #6 Denver NuggetsWarriors -500Nuggets +370
#4 Dallas Mavs vs #5 Utah JazzJazz -700Mavs +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.