In mid-April, sixteen teams set out on a quest for an NBA championship. Now, only two teams remain.

On one side are the Western Conference champion Oklahoma City Thunder, who have been the league’s best team this season and are looking to win the franchise’s first title since it moved to OKC. On the other side are the Eastern Conference champion Indiana Pacers, who are in the NBA Finals for the first time in 25 years.

Both teams are two wins away from a title, with Game 5 set to take place on Monday night in Oklahoma City (8:30 p.m. ET, ABC).

Though odds have fluctuated as the teams have alternated wins through the first four games, the Thunder have been favored for the duration. And after rallying late to secure a series-tying win Friday night, NBA championship odds have shifted heavily in favor of OKC, who stared a potential 3-1 deficit in the face and delivered a clutch comeback that could prove to be crucial.

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Who Are This Year’s NBA Championship Finalists?

Oklahoma City Thunder

Last season, the Thunder won 57 games and were the top seed in the Western Conference, but they fell to the Dallas Mavericks in the Western Conference semifinals.

They responded to that disappointment with a dominant regular season, winning 68 games to finish with the NBA’s best record. After sweeping the Memphis Grizzlies in the first round of the playoffs, they outlasted the Denver Nuggets in the Western Conference semifinals to reach the Western Conference finals for the first time since 2016.

That set up a showdown with Anthony Edwards and the Minnesota Timberwolves, who proved to be no match as OKC settled the series in five games.

While the other expected title favorites faltered in this season’s playoff for one reason or another, the Thunder have answered the call when challenged. Will they do so one more time to close out one of the best seasons in recent NBA history with a championship?

Indiana Pacers

When the Pacers reached the Eastern Conference finals for the first time in a decade last year, they benefitted from the Bucks being bitten by the injury bug in a big way, as Giannis Antetokounmpo missed the Pacers’ six-game first-round series win due to injury.

But while some might have considered last year’s run a fluke, this year’s run has shown the full might and potential of the Pacers as a bona fide NBA championship contender this year and perhaps beyond. Bucks star Damian Lillard did tear his Achilles in Game 4 of their first-round rematch, but by that point, the Pacers were already 2-1 up in the series and had the upper hand.

And after dispatching Milwaukee in five games, Indiana stunned the 64-win and top-seeded Cleveland Cavaliers in the Eastern Conference semifinals. They won the first two games in Cleveland, secured a split at home, then battled back from a 19-point first half deficit in Game 5 to shockingly eliminate Cavs on their home floor.

To go a step beyond last season’s run and reach the NBA Finals for the first time since 2000, the Pacers dispatched the favored Knicks in six games in the Eastern Conference finals. They won the first two games of the series at Madison Square Garden, then won Games 4 and 6 at home to move within four wins of a long-awaited NBA championship.

Odds to Win the 2025 NBA Championship

Odds are as of Sunday, June 15, 2025.

	NBA Finals Winner Odds (BetOnline)	NBA Finals Winner Odds (Bovada)	NBA Finals Winner Odds (Everygame)
Oklahoma City Thunder	-510	-480	-530
Indiana Pacers	+390	+370	+400

2025 NBA Finals Information

When will the 2025 NBA Finals take place?

Game 1 of this year’s NBA championship series will be played on Thursday, June 5. If the series extends to the full seven possible games, the curtain will close on the season with Game 7 on Sunday, June 22.

Here is the full 2025 NBA Finals schedule:

Thursday, June 5 (at Oklahoma City): Game 1 (8:30 pm ET, ABC)
Sunday, June 8 (at Oklahoma City): Game 2 (8:00 pm ET, ABC)
Wednesday, June 11 (at Indiana): Game 3 (8:30 pm ET, ABC)
Friday, June 13 (at Indiana): Game 4 (8:30 pm ET, ABC)
Monday, June 16 (at Oklahoma City): Game 5 (8:30 pm ET, ABC) – if necessary
Thursday, June 19 (at Indiana): Game 6 (8:30 pm ET, ABC) – if necessary
Sunday, June 22 (at Oklahoma City): Game 7 (8 pm ET, ABC) – if necessary

Where will the 2025 NBA Finals be played?

All games of the 2025 NBA Finals will be hosted by the two participating teams.

The series will take place in a 2-2-1-1-1 format. The team that is the higher seed will have homecourt advantage and host Games 1, 2, 5, and 7, while the lower-seeded team will host Games 3, 4, and 6.

What does this mean? The Thunder are the #1 seed in the Western Conference and will have homecourt advantage over the Pacers, who are the #4 seed in the Eastern Conference.

Who will play in the 2025 NBA Finals?

The winner of the Eastern Conference finals, the Indiana Pacers, will face the winner of the Western Conference finals, the Oklahoma City Thunder, in the 2025 NBA Finals.

Who Are the Ten Most Recent NBA Championship Winners?

Recent NBA Champions (2015-Present)

2024: Boston Celtics
2023: Denver Nuggets
2022: Golden State Warriors
2021: Milwaukee Bucks
2020: Los Angeles Lakers
2019: Toronto Raptors
2018: Golden State Warriors
2017: Golden State Warriors
2016: Cleveland Cavaliers
2015: Golden State Warriors

Bet on 2025 NBA Championship Odds at the Best Online Sportsbooks

Who Are This Year’s NBA Championship Finalists?

Oklahoma City Thunder

Indiana Pacers

Odds to Win the 2025 NBA Championship

2025 NBA Finals Information

When will the 2025 NBA Finals take place?

Where will the 2025 NBA Finals be played?

Who will play in the 2025 NBA Finals?

Who Are the Ten Most Recent NBA Championship Winners?

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2025 NBA Championship Odds (6/15/2025)