What is a Teaser Bet?

Numerous sports enthusiasts are familiar with “the line,” the market price for a game. Yet, this term doesn't entirely capture the dynamic nature of betting markets. Lines are flexible, constantly changing en route to the closing figure.

What is a Teaser in Sports Betting?

A teaser bet is a modified parlay bet, enhancing your odds of winning in exchange for adjusted odds. This type of bet involves two games, with the spread tweaked to boost your winning chances (normally 6 points in football, 4 points in basketball). However, you must select at least two teams, raising the risk of one leg failing. Similar to parlay betting, all legs must win for a return, and odds may be increased, impacting payout. Teaser bet helps you win more often, but not necessarily more money.

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How does a Teaser Bet Work?

Teasers modify spreads or totals, often by 6 points, offering flexibility to bettors. You can choose to add or subtract points for increased winning chances. While the most common is a 6-point teaser bet, others like 6.5 and 7 points might be available.

Teasers require a minimum of two bets, though more bets lead to higher potential payouts and risks. Similar to parlay bet, every bet within the teaser bet must win for it to pay out; even one loss results in a total loss.

For instance, consider an NFL 6-point teaser: Baltimore Ravens shifted from -9.5 to -3.5 and Chicago Bears from +2.5 to +8.5. Ravens need to win by 4+ points, Bears win or lose by 8 or less. Successful teaser bet earns odds of -110, netting $100 on a $110 bet. Teasers are popular, especially in football, with varying point adjustments and potential payouts. Remember, all legs must win for a successful bet.

Teaser Bet Type and Example

Teasers share a common structure: multiple games like parlays, with equal point shifts in the spreads. A standard teaser shifts spreads by a moderate number of points (e.g., six in football). On the other hand, a super teaser can involve up to 10 points and usually includes at least four teams. While higher point adjustments result in lower payouts, adding more teams increases the potential payout.

Teaser Bet Example with Football Spreads

Consider the following original and adjusted spreads for two football games:

Jets (vs. Falcons): Original +2.5, Adjusted +8.5

Patriots (at Texans): Original -7, Adjusted -1

Assume the Jets lost 27-20, covering the +8.5 spread. The Patriots, originally -7 against the Texans, won 25-22, covering the -1 spread.

This showcases why teaser bets are easier than standard parlays. In this scenario, the Jets and Patriots both covered the new spreads, though not the original ones.

A typical teaser like this is priced around -120, meaning a $12 risk results in a $10 win. If teams don't cover new spreads, the $12 is lost.

While the common six-point, two-team football teaser exists, teasers can be formed from various bet combinations, allowing adjustments in spreads. A teaser functions as an adjusted-price parlay, offering flexibility to include over-under bets and other standard bets.

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Pros and Cons

Pros

Teaser bets offer several benefits to bettors. By purchasing additional points, teasers can reduce risk compared to standard point spread bets, simplifying winning outcomes.

Although teasers carry lower odds, they promise higher potential rewards upon winning. This arises from combining multiple bets into one parlay-like wager, pooling risk for greater returns.

Moreover, teaser bets provide enhanced flexibility in betting strategy. They allow bettors to align lines with game expectations, offering stronger options for capturing favorable outcomes.

Cons

Teaser bets come with notable disadvantages. The main drawback is their lower odds compared to regular point spread or totals wagers, resulting in reduced potential rewards upon winning.

While teasers offer flexibility, they might lack flexibility for certain games or sports, as they're not available for all options. Moreover, predetermined adjustments to point spreads or totals limit bettor control over outcomes.

Despite aiming to lower risk, teaser bets can inadvertently raise it. Decreased odds and altered point spreads or totals may make winning harder, potentially leading to riskier outcomes. In some cases, sticking with the original line might have been a wiser choice, inadvertently increasing risk through teaser adjustments.

How to Calculate it?

Teaser odds are available from your chosen sportsbook or casino. Payouts rise with more teams or fewer points. A typical two-team, six-point NFL teaser is around -110. A seven-point teaser offers smaller payouts (-130) due to improved chances. A six-point, three-team teaser might pay +180, and a four-team version could give +300 odds. In 10-point teasers, two teams might pay -210. A three-teamer may be -110; an eight-teamer could be +465; and a 15-teamer might offer +2850 odds. For basketball, a two-team, 4.5-point teaser often has -110 odds, while a four-team play could be +250

What Happens to my Teaser Bet if a Leg Pushes?

They drop off a push or canceled game, treating it as a teaser with one less leg. However, this can vary. For example, FanDuel cancels a two-teamer if one leg pushes and the other wins. Check your sportsbook's terms and conditions for their policy. Rules about canceled, moved, or delayed games may also apply, so refer to your sportsbook's house rules.

Reverse Teasers

Reverse teasers, also called pleasers, involve shifting points against your favor and then betting, like moving a total from 46 to 40 and betting the Under. While pleasers increase risk, they offer higher potential payouts. For instance, a 6-point pleaser could move Ravens from -9.5 to -15.5 and Bears from +2.5 to -3.5, with a +600 payout.

Pleasers allow you to sell points like buying them, forming a parlay where you “sell” points to the sportsbook. They're challenging to win, and strategy differs from teasers – pleasers might suit college football or basketball more than the NFL due to sharper markets.

Should You Use Teaser Bets?

Determining whether teasers are a good choice in betting depends on the situation. Generally, teasers, like parlays, increase the risk of losing multiple bets. Compounded risk often doesn't justify the potential payout.

However, a unique type of teaser called a “Wong” teaser, named after Stanford Wong, can provide positive expected value (+EV) in NFL betting. These teasers work due to the sharp NFL markets and close game nature. Buying points can be more valuable in the NFL compared to college football where uncertainties are higher, making point purchases less practical.

Teasers at Online Sportsbooks

Online sportsbooks offer various ways to play teasers, with most using “off the board” options that adjust spreads and totals from current odds. You can select bets, adjust points, and see potential payouts. Some sites allow you to parlay alternative spreads with adjusted juice. Traditional six and seven-point teasers are common. To place a teaser, add bets to your slip, choose the teaser option, and adjust points. Some states may require retail sportsbook betting, where you can request a teaser from an attendant or use betting kiosks.

In conclusion, teaser bets offer a unique twist on traditional sports betting by allowing bettors to adjust spreads and totals for increased flexibility and potential rewards. While they can provide advantages and strategic opportunities,

it's important for bettors to understand the mechanics, odds, and potential risks associated with teaser bets before incorporating them into their betting strategy. As with any form of gambling, informed decision-making and a solid understanding of the sports betting landscape are crucial for a successful and enjoyable experience with teaser bets.