The Toronto Raptors are now the odds-on favourite to win the Eastern Conference, according to Bodog.

After jumping out to a 2-0 first round series lead over the Washington Wizards, the Raptors odds to win the Eastern Conference on Bodog are 5/4, ahead of the Cleveland Cavaliers' odds at 8/5. The Cavs are currently tied 1-1 with the Indiana Pacers in their first round series.

The latest odds mark the first time since LeBron James returned to the Cleveland that the Cavaliers aren't the favourite to win the Eastern Conference.

The Philadelphia 76ers have the third best odds at 13/4, followed by the Boston Celtics at 20/1, then the Cavs' opponent, the Pacers, at 28/1.

The Raptors have the third best odds to win the NBA Championship at 17/2. They are behind two Western Conference teams, the Golden State Warriors at 21/20 and Houston Rockets at 8/5.

The Raptors and Cavaliers are scheduled to meet each other in the second round of the playoffs should both teams advance.