Sportsbooks in Illinois have had the Chicago Bulls odds in the middle of the pack for most of the beginning of the season, which has made the team’s odds a lot less optimistic. Even though Chicago Bull odds have been taking a hit, the remainder of the league appears to be thriving. As you can expect, this has made for a very interesting start to the season, especially for supporters of the Bulls.
The NBA has gone all in on sports betting since it announced its first deal with MGM Resorts International. In 2018, the NBA and MGM struck a deal that saw the casino and sportsbook operator become the league’s first official gaming partner. This partnership has seen the popular sportsbook, which now enjoys a growing presence in Illinois, uses official data from NBA in its sports betting operations.
This was the first partnership of its kind to be made. As a result, it revolutionized sports wagering in the country. Not only did it pave the way for more such partnerships to be signed, but it also gave sports bettors in the country a lot more confidence in the integrity of sports wagering.
Before sports betting was legalized in 2018, the top NBA officials including its commissioner had always been candid about their support for legalized gambling. However, other sports such as the NFL, had previously fought the expansion. Luckily, as the landscape for sports wagering in the US has continued to evolve at lightning speed, the NBA has emerged as a gambling leader that has pioneered other similar ground-breaking partnerships.
MGM’s partnership with the NBA has never been exclusive though. The league has similar partnerships in place with other sportsbooks. For instance, last year, the NBA signed similar deals with FanDuel, Bally’s, Sportradar, BetStars, as well as DraftKings.
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The Free agency period has impacted the odds
Betting on the NBA has always been a godsend for punters in Illinois, who are allowed to wager on a range of sports all year round thanks to legal sports betting in the state. Each year, the NBA undergoes a disordered free agency period, which almost always impacts the betting odds.
What’s free agency? All players of the NBA are under contract with their respective teams. Eventually, those contracts end, which leaves players without contracts as free agent. When a player is a free agent, they are allowed to sign new contracts with new teams elsewhere. However, there is also typically an opportunity to renew their contracts with the same teams.
The decisions that are made during the yearly free agency period have the potential to transform the league’s entire landscape for years to come. This happened in 2016 when Kevin Durant moved to Golden State, as well as when Lebron James moved to Miami in 2010.
This year’s free agency window opened on June 30th, and the Chicago Bulls have so far not made any drastic changes to its line-up except for bringing back Zach LaVine. The Bulls recently announced that they had resigned LaVine after the top guard approved a 5-year max contract worth approximately $215 million. Even before the deal was made official, the NBA had made it clear that re-signing Zach LaVine and locking in the two-time All-Star and Olympic gold was its top priority this offseason.
LaVine had been exploring the market as an unrestricted free agent for the first time after being a league player for 8 seasons and 5 as a Bulls player. But he wasn’t in the market for too long. The Bulls had already negotiated a contract with the all-star player and LaVine’s decision was made only 18 hours after the free agent negotiating window opened on June 30th.
Despite experiencing a drop in the odds, the Bulls have never been stronger. The team enjoyed their best performance in 7 years. As such, the team is expected to build on that momentum in this new season. Aside from bringing back Lavine, the Bulls also added depth to its backcourt and upfront when they signed contracts with Goran Dragic and Andre Drummond.
Free agent Goran Dragic agreed to a 1-year deal with the Bulls worth $2.9 million. Last year, Dragic kicked off the season by joining the Toronto Raptors. He was later bought out and joined the Brooklyn Nets. Over his 14 seasons in the league, Dragic has played with Miami and Houston. He also made an all-star team in Slovenia with the Heat that helped the team advance to the NBA finals in 2020.
Not too long after they signed Dragic, the Bulls also announced the signing of Andre Drummond. Last season, Drummond played for both the Brooklyn Nets, as well as the Philadelphia 76ers. In the span of his very illustrious career, he has also played for the LA Lakers, The Detroit Pistons, as well as the Cleveland Cavaliers.
This July, the Bulls also signed Dalen Terry to his rookie contract. Terry appeared in 37 all-star games during his sophomore season with Arizona. He was picked 18th overall by the team after declaring for the draft as an early applicant. Terry’s new contract is worth $3.19MM during his rookie season but will rise to $15.45MM through 4 years.
With LaVine, Dragic, and Drummonds’ deals in the books, the team also has to pay attention to other free agents on the team. Both Tristan Thompson and Derrick Jones Jr. are unrestricted free agents while Malcolm Hill Matt Thomas, and Tyler Cook are still restricted, free agents. Now that the Bulls have signed LaVine through 2027, the team has close to $100 million tied up in their core for 2022-23.
Final Thoughts
This season, the Chicago Bulls will be looking to build on last season’s 46 wins, as well as first-round playoff exits. Adding big names such as Drummond and Dragic will certainly help the team’s prospects greatly. But the Bulls also have a serious need for defense. As such, it is impossible to predict what the season will look like moving forward but the team has been consistent, which should result in more success.
