The 28-20 Wizards continue to climb the ladder in the standings and the sportsbook Bovada is taking notice. According to their latest release of betting odds, the Wizards have significantly improved their chance to win the NBA championship.

On Jan. 3, Bovada had the Wizards with the 20th-best odds of winning it all, same as the lowly Los Angeles Lakers. Now, just one month later, the Wizards are tied for the eighth-best odds, same as the Utah Jazz and Oklahoma City Thunder.

Here are Bovada's current title odds: 

Golden State Warriors                          5/7
Cleveland Cavaliers                             13/5
San Antonio Spurs                               15/2
Los Angeles Clippers                           14/1
Houston Rockets                                  16/1
Toronto Raptors                                    25/1
Boston Celtics                                      33/1
Oklahoma City Thunder                       66/1
Utah Jazz                                              66/1
Washington Wizards                             66/1


Since the morning of Jan.3, when Bovada put out those odds, the Wizards have gone 12-3. They have moved all the way up to fourth in the East and currently sit just 1 1/2 games out of third and two games out of the No. 2 seed.

[RELATED: Wizards, Caps end month undefeated at Verizon Center]

Bovada has the Wizards tied for fourth among teams chasing an Eastern Conference title:

Cleveland Cavaliers                   2/7
Toronto Raptors                         6/1
Boston Celtics                            9/1
Atlanta Hawks                           22/1
Washington Wizards                  22/1

Both of those sets of odds reflect well on the Wizards, but there are a few categories they may feel slighted in. For one, the Wizards have the second-best odds to win their division despite currently sitting in first place ahead of the Hawks. The Wizards, in fact, have not won a division in 37 years which is the longest drought among all NBA teams:

Atlanta Hawks                           10/11
Washington Wizards                  1/1
Charlotte Hornets                       16/1
Miami Heat                            Off the Board
Orlando Magic                       Off the Board

The other category the Wizards may have a bone to pick with is MVP odds. John Wall is now off the board with James Harden, Russell Westbrook, LeBron James, Kevin Durant and Kawhi Leonard leading the charge.

[RELATED: Marcin Gortat excited for upcoming Polish Heritage Night]