The 2023 NBA Draft Lottery is finally here, and all eyes will be on the pre-game show ahead of Game 1 of the Western Conference Finals between the Nuggets and Lakers. Around half the league strives for a renewed sense of hope in the form of a ping-pong ball, with the grand prize being sure-fire No. 1 pick, Victor Wembanyama.
In the waning hours leading into what should be a highly entertaining Western Conference Finals series opener, bettors can get their palms sweaty by wagering on the 2023 NBA Draft Lottery. BetMGM's offering several markets on tonight's festivities in Chicago, but the most notable market pertains to which franchise gets the No.1 overall pick and the assumed rights to one of the game's most coveted prospects.
Below, we'll look at the updated betting odds to win the 2023 NBA Draft Lottery and BetMGM's insights on how the betting public is approaching the Wembanyama Sweepstakes.
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NBA Draft Lottery 2023 Odds
| Team | No. 1 overall pick odds |
| Pistons | +550 |
| Rockets | +550 |
| Spurs | +550 |
| Hornets | +650 |
| Trail Blazers | +800 |
| Magic | +900 |
| Pacers | +1200 |
| Wizards | +1200 |
| Jazz | +2000 |
| Mavericks | +3000 |
| Bulls | +5000 |
| Thunder | +5000 |
| Raptors | +10000 |
| Pelicans | +10000 |
With the Pistons, Rockets, and Spurs all given a 14-percent chance to win the 2023 NBA Draft Lottery, it's no surprise to see those three teams pegged with the lowest odds to win the Wembanyama Sweepstakes. Of the 1,001 possible combinations from four of the 14 ping-pong balls drawn, these three franchises stand the best chance to hear NBA Deputy Commissioner and COO Mark Tatum call their name last.
However, it's important to note that if you want to make a wager on tonight's lottery, each team's betting odds are not directly correlated to their probability of receiving the No. 1 overall pick. Their betting odds are extremely close but are not an exact depiction of their true odds of winning the lottery.
For instance, the +550 price tag on the Pistons, Rockets, and Spurs translates to an implied probability of 15.38 percent, so there's a built-in 1.38 percent "tax" if you're trying to get some action down on the three favorites. If their betting odds correlated to their true odds, the three favorites would be priced at +615.
Again, the difference between each team's betting odds and true odds is minuscule, but it's something to keep in mind if you plan on making a wager or two on tonight's lottery.
NBA Draft Lottery 2023 Betting Odds: BetMGM Market Report
| Team | Odds | Ticket% | Handle% |
| Bulls | +5000 | 27.3% | 24.3% |
| Spurs | +550 | 18.2% | 3.9% |
| Mavericks | +3000 | 18.2% | 5.1% |
| Pistons | +550 | 9.1% | 0.2% |
| Rockets | +550 | 9.1% | 0.3% |
| Pacers | +1200 | 9.1% | 64.7% |
| Pelicans | +10000 | 9.1% | 1.6% |
| Hornets | +650 | 0.0% | 0.0% |
| Trail Blazers | +800 | 0.0% | 0.0% |
| Magic | +900 | 0.0% | 0.0% |
| Wizards | +1200 | 0.0% | 0.0% |
| Jazz | +2000 | 0.0% | 0.0% |
| Thunder | +5000 | 0.0% | 0.0% |
| Raptors | +10000 | 0.0% | 0.0% |
Per BetMGM, there's only been significant betting interest on half of tonight's field of 14 contestants. Of all teams, the Bulls, who have just a 1.8-percent chance to win the lottery, see the highest ticket percentage (27.3) among the betting public.
Bettors wagering on the Bulls to win the lottery are praying for a repeat of 2008 when Chicago landed the first pick with just a 1.7-percent chance of doing so. With Chicago priced at 50-1, the public fancies the idea of risking a little to return a lot on something that's happened in the past.
After the Bulls, bettors hope the Spurs (+550) win their third-ever lottery, with Wembanyama joining Hall-of-Fame big men David Robinson and Tim Duncan under Gregg Popovich's tutelage.
The Mavericks (+3000) see the third-highest ticket percentage with just a three-percent chance of landing the first pick, but how fun would it be to see Luka Doncic play alongside Wembanyama?
When glossing over each team's handle, it's interesting to see that 9.1 percent of bets have been placed on Pacers (+1200), but those 9.1 percent of bets have led to 64.7 percent of BetMGM's handle. Some bettors must be uber-confident that it's the Pacers' turn to be blessed by the basketball gods since they're one of the nine franchises that have never won the lottery.
It's also noteworthy to see bettors avoiding the Hornets (+650), Trail Blazers (+800), and Magic (+900), the teams with the fourth-, sixth-, and seventh-best chances, respectively, of winning the lottery. Sure, the payout won't be nearly as hefty as cashing a ticket on the Bulls, Mavericks, or Pelicans, but at least those three teams have a semi-realistic chance.
