The Miami Heat have done well for themselves over the summer by retaining key free agents, welcoming back a healthy Chris Bosh and signing veteran free agents Amar'e Stoudemire and Gerald Green to sensible deals.

Oddsmakers Bovada (@BovadaLV) have taken notice and have been steadily improving the Heat's chances to win the NBA Finals and now have them at 20/1 odds, tied with the Chicago Bulls for eighth best overall in the league.

They were at just 33/1 odds after the NBA Finals between the Golden State Warriors and the Cavaliers and dipped down to just 40/1 odds the following month with free agency just around the corner before bouncing back strongly as preseason begins this weekend.

Miami, however, is still behind the Cleveland Cavaliers and the Bulls as favorites to win the Eastern Conference Championship with 9/1 odds.

Cleveland remains the favorite to win their first-ever NBA title with LeBron James returning on a one-year deal.

Odds on 6/17/15 Odds on 7/6 Current Odds (9/30)

Cleveland Cavaliers 3/1 11/4 11/4

San Antonio Spurs 10/1 9/2 3/1

Golden State Warriors 5/1 9/2 5/1

Oklahoma City Thunder 7/1 15/2 17/2

Los Angeles Clippers 10/1 20/1 10/1

Houston Rockets 18/1 20/1 16/1

Chicago Bulls 10/1 16/1 20/1

Miami Heat 33/1 40/1 20/1

Memphis Grizzlies 25/1 28/1 33/1

Atlanta Hawks 25/1 33/1 50/1

Dallas Mavericks 33/1 20/1 50/1

Indiana Pacers 33/1 40/1 50/1

Milwaukee Bucks 100/1 50/1 50/1

New Orleans Pelicans 33/1 33/1 50/1

Toronto Raptors 40/1 40/1 50/1

Washington Wizards 40/1 40/1 50/1

Boston Celtics 50/1 66/1 75/1

Detroit Pistons 100/1 100/1 100/1

Los Angeles Lakers 66/1 50/1 100/1

Phoenix Suns 100/1 100/1 100/1

Portland Trail Blazers 40/1 75/1 100/1

Utah Jazz 100/1 100/1 100/1

Brooklyn Nets 100/1 150/1 150/1

Minnesota Timberwolves 150/1 150/1 150/1

New York Knicks 100/1 150/1 150/1

Charlotte Hornets 250/1 250/1 250/1

Denver Nuggets 100/1 150/1 250/1

Orlando Magic 250/1 250/1 250/1

Philadelphia 76ers 250/1 250/1 250/1

Sacramento Kings 100/1 150/1 250/1

Conference Odds

Odds to win the Eastern Conference

Cleveland Cavaliers 1/3

Chicago Bulls 8/1

Miami Heat 9/1

Atlanta Hawks 18/1

Indiana Pacers 25/1

Milwaukee Bucks 25/1

Toronto Raptors 25/1

Washington Wizards 25/1

Boston Celtics 40/1

Brooklyn Nets 75/1

Detroit Pistons 75/1

New York Knicks 75/1

Charlotte Hornets 100/1

Orlando Magic 125/1

Philadelphia 76ers 125/1

Odds to win the Western Conference

San Antonio Spurs 2/1

Golden State Warriors 3/1

Oklahoma City Thunder 9/2

Los Angeles Clippers 6/1

Houston Rockets 9/1

Memphis Grizzlies 16/1

New Orleans Pelicans 20/1

Dallas Mavericks 28/1

Los Angeles Lakers 50/1

Phoenix Suns 50/1

Portland Trail Blazers 50/1

Utah Jazz 50/1

Minnesota Timberwolves 75/1

Denver Nuggets 125/1

Sacramento Kings 125/1