They opened the season as NBA title favorites and they ended the season on a 37-2 run as favorites to win the NBA title.
While some fans and experts are conceding the title to LeBron and Company, who have enjoyed a 27-game win streak and a 10-game win streak since Christmas, sportsbooks are spicing up the wagering with a prop bet on whether the Heat can go 16-0 in the playoffs.
"No team has ever swept the playoffs, although the 2001 Lakers came close at 15-1," said Mark Presley of OddsShark.com, which provides NBA odds to NBCSports.com.
Bodog.eu made the Heat a 50-1 longshot to sweep all four NBA playoff series, but adjusted it downwards in the 25-1 range after early betting and odds comparisons.
But with injury woes down the stretch and with losing records against two potential East opponents, a perfect playoff doesn't seem like a guaranteed payoff. They are -150 to win a second straight title, with the Oklahoma City Thunder the second betting choice.
The New York Knicks earned the No. 2 seed and have the Heat's number. Miami is just 2-5 SU, 1-5-1 ATS in seven recent games against New York.
The Indiana Pacers, the third seed, also won two of three against the Heat this season. Even Chicago, which struggled all year with injuries, is 4-3 in its past seven games with the Heat.
Their first-round foe is Milwaukee, who figure to be double-digit underdogs when lines go up Thursday. While the Bucks are a sweep candidate, they have been tough against the spread, going 6-3 ATS in their past nine games vs the Heat and 5-2 ATS in their past seven trips to Miami.
However, they are 1-8 SU in their past nine games as underdog and a bankroll-draining 2-11 ATS in 13 recent games against Southeast Division teams.
Two other potential playoff foes are sweep candidates, based on recent head-to-head play. Miami is 13-2 SU against the Atlanta Hawks since April of 2010. And they have dominated Brooklyn with a 16-1 SU mark since 2008, according to OddsShark.com's NBA database, although this year's Nets are much improved.
Eastern Conference Matchups
Miami (1) vs Milwaukee (8)
New York (2) vs Boston (7)
Indiana (3) vs Atlanta (6)
Brooklyn (4) vs Chicago (5)
Western Conference Matchups
Oklahoma City (1) vs Houston (8)
San Antonio (2) vs Los Angeles Lakers (7)
Denver (3) vs Golden State (6)
Los Angeles Clippers (4) vs Memphis (5)
Important NBA betting dates
April 20-2013 NBA Playoffs begin
May 7-Conference Semifinals begin
May 22-Conference Finals begin
June 6-The Finals begin
June 20-Last date for 2013 NBA Finals