The Raptors' loss allowed Boston to clinch the Atlantic Division title, even though the Celtics lost Friday to Utah.
Iverson scored 28 points, Anthony 22 and both Marcus Camby and Chucky Atkins produced 17. Denver pulled with 1 1/2 games of Golden State for the eighth and final playoff berth in the Western Conference.
Toronto, which has lost three in a row and seven out of nine, was led by 19 points from Anthony Parker.
Denver scored 44 points in the first period and put together a 25-4 run that bridged the opening two quarters.
The Nuggets scored a season-high 79 points in the first half and those were the most points ever allowed by Toronto in a half.