Who said a team's chances were set in stone? The folks at Bovada have released updated betting odds for the Indiana Pacers/Miami Heat and their chances of coming out of the Eastern Conference to hoisting the Larry O'Brien Trophy. While no doubt the injury to Chris Bosh plays a big role in Miami fading a bit in the odds department, the Pacers of course deserve plenty of credit themselves for putting themselves in good shape in the series after three games.

The odds were updated on May 18th, now giving the San Antonio Spurs (3/1 odds as of May 14th) the best odds to win the championship (at 7/4) while the Heat (11/10) drops from the top to third with 10/3 odds. The Indiana Pacers have seen the biggest jump in favorable odds, moving from 14/1 odds to win the Eastern Conference all the way up to 3/1 odds. The Pacers, once seventh out of the remaining eight teams at chances of winning it all (at 60/1 odds), move ahead of the Lakers and Clippers to now find themselves with 12/1 odds.

The Heat are still favored to come out of the East at 5/4 with Boston behind them at 2/1. Regardless, the way the series has taken shape over the past week has given the Indiana Pacers far better odds than they had a week ago. It's of course up to them to continue to push forward and hold home court in Game 4.

After the jump are the full team odds updated as of May 18th:

Odds to win the 2012 NBA Championship:
San Antonio Spurs 7/4
Oklahoma City Thunder 2/1
Miami Heat 10/3
Boston Celtics 7/1
Indiana Pacers 12/1
Los Angeles Lakers 25/1
Philadelphia 76ers 50/1
Los Angeles Clippers 100/1

Odds to win the 2012 Eastern Conference Championship:
Miami Heat 5/4
Boston Celtics 2/1
Indiana Pacers 3/1
Philadelphia 76ers 16/1