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LeBron to Cleveland rumors have bettors putting money on Cavs to win it all next season (and Vegas backtracking)

Jul 8, 2014, 1:05 PM EST

Detroit Pistons v Cleveland Cavaliers Detroit Pistons v Cleveland Cavaliers

Winning at sports gambling is about taking smart risks, ones that could pay off with a nice reward. Find the good odds where you think the bookmakers (or the betting public pushing them) is off target then jump on it.

After the NBA Finals last season, when future bet odds on next season’s NBA champion came out, the Cleveland Cavaliers were between 40-1 and 60-1, depending on where you looked. Then the LeBron James return to Cleveland rumors started picking up steam — and gamblers saw the value and started putting money on the Cavs while the odds were still high.

Doesn’t matter that LeBron has yet to make a decision (and the Heat remain confident), and it doesn’t matter that if LeBron picks Cleveland that is a young, untested team that may not be able to win it all year one. LeBron instantly makes any team a contender and if you can place money on a potential contender at long odds, it’s worth the risk.

People did, particularly fans (these tend not to be large, professional bets), and Vegas is freaking out just a little, as David Purdum wrote for ESPN.

More bets have been placed on the Cleveland Cavaliers to win the 2015 NBA title than on any other team at the Las Vegas Superbook.

“They are our biggest liability right now,” said MGM VP of Race and Sports Jay Rood. “We took a dime ($1,000) on them at 40-1.”

The Cavs are currently down to 10-1 at the MGM.

For bookmakers, sports gambling is about covering their risks, and the Cavs have become a risk to cost them money.

You can find the odds now and place a bet at online casinos as well as some spots in Vegas, although a number of casinos have taken down NBA futures betting until free agency plays out (some casinos, such as the Wynn, have had that as their policy for years).

If LeBron jumps to Cleveland, the Cavs still are not likely to be favorited against the best of the West (and maybe Chicago, depending upon who they do or do not land in free agency). That according to Las Vegas Superbook assistant manager and head NBA oddsmaker Jeff Sherman, speaking in that same ESPN piece.

If James were return to Cleveland, where he spent the first seven seasons of his NBA career, Sherman said he would adjust the Cavs’ odds to around 8-1.

“They are such a young team,” Sherman said of the Cavaliers. “They would be better positioned for the next season than this upcoming one.”

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