Updated 2024 MLB World Series Odds After Shohei Ohtani Signs $700M Dodgers Contract

After signing two-way superstar Shohei Ohtani on Saturday, the Los Angeles Dodgers have emerged as the favorites to win the 2024 World Series.

According to BR Betting, landing the two-time American League MVP bumped the Dodgers up to the World Series favorites at +550, according to DraftKings Sportsbook.

They are followed by the Atlanta Braves (+700), New York Yankees (+900), Houston Astros (+1,000) and Texas Rangers (+1,000).

Ohtani announced that he signed with the Dodgers on Instagram, and ESPN's Jeff Passan later reported that it is an MLB-record 10-year contract worth $700 million.

When the Dodgers uncharacteristically didn't go after any big fish last offseason, most assumed they were biding their time to make a run at Ohtani, and that is exactly what they did.

The 29-year-old slugger from Japan spent the first six years of his MLB career with the Los Angeles Angels, and he established himself as arguably the face of baseball over the past three seasons.

In 2021, Ohtani was named AL MVP for the first time when he hit .257 with a career-high 46 home runs, 100 RBI, 103 runs scored and 26 stolen bases. He was also a quality starting pitcher that season, going 9-2 with a 3.18 ERA.

Ohtani was nearly as good the following season, hitting .273 with 34 home runs and 95 RBI, in addition to posting his best pitching campaign with a 15-9 record and 2.33 ERA. The only thing that stopped him from winning back-to-back MVP awards was Yankees outfielder Aaron Judge hitting an AL-record 62 home runs.

After his second-place finish in 2022, Ohtani was back atop the voting last season when he hit .304 with 44 homers, 95 RBI, 102 runs scored and 20 steals, and went 10-5 with a 3.14 ERA.

Ohtani is unlike any player who has played Major League Baseball in the past century due to his two-way excellence, although the Dodgers won't have access to his pitching in 2024.

The Angels shut Ohtani down late in the 2023 season due to a UCL injury in his throwing elbow that required surgery.

Since Ohtani won't be able to pitch next season, he will likely serve exclusively as a designated hitter for the Ohtani in 2024 before resuming pitching in 2025.

The fact that Ohtani made the Dodgers the World Series favorite as only a hitter speaks to how big of an impact he can make when fully healthy.

L.A. has been a perennial World Series contender for over a decade, making the playoffs in 11 straight seasons, but they have only won the World Series once during that stretch.

With Ohtani joining 2023 National League MVP contenders Mookie Betts and Freddie Freeman, the Dodgers are in line to have perhaps not only the best lineup in baseball next season, but the best lineup of any team in years.

Pitching remains a question mark since veteran and longtime ace Clayton Kershaw is a free agent, but the Dodgers should be able to out-hit anyone they encounter next season.