In return the Rockets received a second-round draft pick in 2013 along with forward JaJuan Johnson, guard E'Twaun Moore and big man Sean Williams.
Houston also acquired the draft rights to guard Jon Diebler from the Portland Trail Blazers.
The Blazers got swingman Sasha Pavlovic in a sign-and-trade with the Celtics and also received two 2013 second-round picks and cash considerations from Boston.
"We are very excited that we were able to acquire Courtney Lee," Celtics president of basketball operations Danny Ainge said. "Courtney brings a vast set of tools on both ends of the court and will be a great fit on our roster."
Johnson and Moore were both rookies for the Celtics last season while Williams had played for the Nets and Dallas Mavericks previously.
Diebler, a second-round draft pick in 2011 out of Ohio State, played for the Greek team Panionios this past season.
Pavlovic, 28, is the veteran of the bunch having played nine seasons for six teams. He averaged 2.7 points in 45 games for Boston last season and has a career average of 5.1 points in 528 games.
Blazers general manager Neil Olshey said the trade was "a continuation of our pursuit of assets" and bolstered the team's roster. He said Pavlovic would add veteran leadership to the team and depth to the rotation.
<< New England Patroits
Released wide receiver Matt Roark.
<< New Orleans Saints 2012 Training Camp Preview
(Sportsbook Betting Lines) - REPORT DATE: July 24th SITE: Saints Training Facility, Metairie, LA CAMP OBJECTIVES: The Saints will likely be eager to hit the practice fields once again after experiencing one of the most tumultuous offseasons any
<< What they said at The Open Championship - Second Round
Lytham St. Annes, England (Sportsbook Betting Lines) - Heading into this week's event, Brandt Snedeker had never made the cut in three appearances at The Open Championship. He can cross that off his list, and more. Snedeker matched Nick Faldo's 36-
<< The Open Championship Second Round News & Notes
Lytham St. Annes, England (Sportsbook Betting Lines) - There is no one, no one, in the field this week that can elicit a crowd reaction the way 62-year-old Tom Watson can. Not Tiger Woods. Not Phil Mickelson. Not Rory McIlroy, nor any local son of En
Liu to face Shim in U.S. Junior final >>
Stratham, NH (Sportsbook Betting Lines) - Jim Liu and Andy Hyeon Bo Shim will face each other for the title at the U.S. Junior Amateur Championship, after both advanced through the quarterfinals and semifinals Friday. Liu, one of three strok
Chivas, L.A. square off in Super Clasico >>
Carson, CA (Sportsbook Betting Lines) - The Los Angeles Galaxy will attempt to reverse their Super Clasico fortunes on Saturday when they square off against Chivas USA at The Home Depot Center. Los Angeles has dominated the Super Clasico since Ch
Sochaux snaps up Yartey >>
Montbeliard, France (Sportsbook Betting Lines) - Sochaux has agreed to terms with Portuguese club Benfica for the services of midfielder Ishmael Yartey, it was announced Friday. Yartey, 22, penned a four-year deal with the French side after
Southampton adds goalkeeper Gazzaniga >>
Southampton, England (Sportsbook Betting Lines) - Southampton announced Friday that it has signed highly-rated Argentine goalkeeper Paulo Gazzaniga from Gillingham. Gazzaniga, 20, penned a four-year deal with the newly-promoted Premier League club
Now, it's okay to call the league hypocritical when it releases injury reports, which players have told me only helps bettors. And it's okay to mutter something obscene when the league pretends gambling doesn't help drive TV ratings and fan interest and put money in owners' pockets. But when it supports other forms of gaming? Big Deal. The Bears should put an orange "C" on every deck of cards dealt at Harrah's in Joliet; the Eagles should slap their logo on roulette wheels at the Borgata in Atlantic City; the Dolphins should hold training camp at the El San Juan in Puerto Rico.
The NFL's problem, when it comes to the gambling world, isn't hypocrisy, it's worse: The bosses lack vision. That's why the league is picking unwinnable fights in Delaware and taking pot shots from critics after making smart sponsorship deals. Roger Goodell and his gang are acting and thinking locally rather than globally, which is rare for them, especially compared to their professional (and amateur) counterparts.
The NBA held its All Star game in Las Vegas and David Stern's kingdom didn't crumble (although the town did bring plenty of players to their knees.) I'd say it's 6 to 5 and pick 'em that Lebron will make a road swing through Sin City before his career is over.
Even the NCAA College Football Betting is more progressive on this issue than the NFL. Several years ago Rachel Newman Baker, college sports' gambling czar, opened a dialogue with Vegas bookmakers to learn about how they do business. She's visited Nevada sports books, studied their operations and listened to how they regulate action. Now she knows she can expect a call from bookmakers, who lose money when sports are fixed, if they think something sketchy is going on in NCAA games. She's not in favor of sports betting, but, as she once told me, "I know it's not going away, either."
The NFL can't seem to accept that. And until it can find peace with the idea, it'll get flack, even when it's right.
American Idol odds : Blake Lewis the Early Standout
An important American Idol betting lines recap from February 20 Guys episode. The 12 men came out flat overall with Blake Lewis appearing to have the early edge after the first hour and a half.
Rudy - was quite good singing "Free Ride" to start off. Randy was not impressed though. Paula thought he started off fantastic. "Never had anyone stop off so lively" said Paula but Simon (who does not like Rudy) does not feel he has a distinct voice and was not impressed either.
Brandon was a little pitchy according to Randy and Paula agreed. Simon said he was a good singer but the song was "too safe" and he needs to make an impact. He was listed at +1200 odds or $1200 paid out on a $100 bet should he win the competition.
Big favorite Sundance came in with a flat version of "Knights in White Satin" and the judges let him have it, including Paula. Randy claimed the song was out of pitch throughout.
Korean American - and a Jenny Woo favorite - Paul Kim was up next. Another pitchy flat one but Randy said he still liked his potential. Kim at +3000 odds was said to have sung a "third rate version of that (George Michael) song" according to Simon Cowell. He sang "Careless Whisper".
22 year old Chris Richardson was up next. He was listed with +1100 odds coming in. He got the best response from the judges though Simon did not believe the vocal was that great.
Nick was boring and pitchy. Simon didn't think he was that bad though and predicted he would be back next week. Nick Pedro was a big +3000 dog coming into this competition.
Beat boxer Blake Lewis was listed with early +1000 odds or $1000 payout on a $100 bet if he were to become the next American Idol winner odds . These of course were the early odds. He was considered original for picking an "odd song". He did not beat box and the judges felt it was the best vocal of the night.
Sanjaya came in as the second biggest favorite after Chris Sligh but his performance Tuesday night was not very good.
Chris Sleigh was the early favorite at +450 odds. Great voice and a great sense of humor. He's a real standout. Randy felt it was on point but maybe ahead of the chorus a little bit. Simon Cowell said he felt like he was in some "sort of weird student gig".
Jared Cotter followed. He was listed with +2000 odds early on to win the competition. The judges felt he needs to take more risks but looked good.
22-year old AJ Talbado, who has tried out for American Idol five times, was up next. "Kind of a theme park performance" said Simon. Though the judges felt he performed okay. Simon did feel AJ might be better than he originally thought.
Phil - this season's military favorite - came into this competition with +1200 odds to win the competition. He was the last to perform. He was certainly strong enough to get through this stage of the competition and perhaps the best one after a shaky start.
Tomorrow night, the ladies perform and I sure hope they do a better job than the boys. Check out all the American Idol betting odds here.