What Is a Teaser Bet?
In sports betting, a teaser bet is a type of parlay bet. In a teaser bet, the bettor is allowed to change the point spread for a game, making the bet easier to win. In exchange, the sportsbook will lower the payout due to them if they win.
The most common teaser is a two-team, six-point football teaser. For this teaser bet type, the bettor can adjust point spreads for the two games but will realize a lower return in the event of a win. And just as in a standard parlay bet, both teams must cover these new spreads in order for you to win and for your teaser bet to pay out.
Teaser bets are most common when betting in football, and slightly less so in basketball. They can involve two teams, or many more—some sportsbooks allow up to 10 bets in a teaser. As with any type of parlay bet, teasers can generate large returns, but they are also risky.
Key Takeaways
- In a teaser bet, you can change the point spread for two or more games.
- The bettor is allowed to change the point spread for a game in a teaser bet, making the bet easier to win.
- In exchange, the sportsbook will lower the payout due should they win.
- The most common teaser is a two-team, six-point football teaser, where, the bettor can adjust point spreads for two games but will realize a lower return on the bets with a win.
- Gambling always involves a negative expected return—the house always has the advantage.
How a Teaser Bet Works
At its most basic level, a teaser bet is a type of parlay bet in which you can pay to make the bet easier to win. You pay for this increased likelihood of winning in the odds that you pay for the bet.
The standard teaser allows you to bet on two games as a parlay bet, but to adjust the spread of each game to make it more likely you’ll win. Normally, you can adjust six points for a football game and four points for a basketball game.
In exchange for making your bet easier to win, you have to pick at least two teams to bet on. This will up the odds of the bet failing by, at the most, one leg. You must win all of the legs in a teaser to see any return. The sportsbook might also raise the odds for teaser bets, diminishing your payout even if you do win.
In 2018, the U.S. Supreme Court gave states permission to legalize sports betting if they wish to do so. As of 2024, it is legal in 38 states and the District of Columbia. It is still illegal in eight states. In four other states, there is pending legislation on the matter.
Example of a Teaser Bet
Here are the spreads for two football games and how they can be adjusted as part of a teaser bet:
- Eagles (vs. 49ers); Original spread +3.5, New spread +9.5
- Chiefs (vs. Dolphins): Original spread -8, New spread -2
Now, let’s say that the Eagles lost to the 49ers 30-24. This is covered under your new 9.5-point spread. The Chiefs were originally an 8-point favorite against the Dolphins, and let’s say they won 28-24, covering the new 2-point spread.
This is a good example of why teaser bets are easier to win than a standard two-team parlay, because neither the Eagles nor the Chiefs covered the original point spread, but both teams would have covered the spread in a teaser bet.
Say that this teaser was priced around -140. If you bet $14 on it, your winnings would be $10. If the new spreads were not covered by either one or both of the teams, you would have lost your $14.
Though the six-point, two-team football teaser is most common, you can make teaser bets from almost any combination of bets, and pay to change the spreads on them. A teaser is really just a parlay with adjusted prices, so you can do almost anything. That includes:
- A six-team, 6-point teaser
- A two-team, 10-point football teaser
- A four-team, 4-point basketball teaser
And so on. You can even include over-under bets as part of your teaser, or any other statistic that you can make a standard bet on.
Teaser bets can be composed of almost any combination of smaller bets, just like a parlay bet. The more individual wagers you include in your teaser, the higher the payout but the more difficult the bet is to win.
Calculating Teaser Bets
The price you will get for a teaser bet will depend on the sportsbook you use. Each book uses an algorithm that determines your payout and has its own rules about how teaser bets work. The price for a teaser bet is normally based on three main factors:
- The sport (football teasers are better bets than basketball teasers)
- The number of points you’re getting
- The number of games included in your teaser, because you need to win every leg to cash the bet
Some sportsbooks also adjust their prices based on the spreads you’re changing because it’s more advantageous to go from +2 to +8 than from +10 to +16.
Be mindful that pricing may vary across sportsbooks. For example, a two-team NFL teaser may be priced at -120 at Caesars, -125 at Circa, and -134 at FanDuel Sportbook.
Be aware that even changing the odds from -110 (the standard price for a spread or total bet) to -120 can have a large effect on your margins, and make it much more difficult to make money with teaser bets.
If you or someone you know has a gambling problem, call the National Problem Gambling Helpline at 1-800-522-4700 or visit NCPGambling.org/Chat to chat with a helpline specialist.
Advantages and Disadvantages of Teaser Bets
Advantages of Teaser Bets
There are several distinct reasons a better uses teaser bets. Because the bettor is essentially buying extra points in their favor, teaser bets can be less risky than traditional point spread bets. This can make covering the spread and winning the bet simpler.
Teaser bets have lower odds, but they also have a bigger potential reward if the bettor wins. This is due to the fact that the bettor is effectively combining several bets into one wager via a parley, which can result in bigger rewards if all of the wagers are profitable. Instead of collecting wins on each pick individually, teaser bets leverage risk across choices for even higher potential return.
Last, teaser bets have lower odds also have a bigger potential reward if the bettor wins. This grants strong options to betters who want more flexibility in their betting strategy, as bettors may be able to better capture lines that sync up best with their specific expectations for a given game or outcome.
Disadvantages of Teaser Bets
There are also several obvious downsides to teaser bets. The biggest drawback of a teaser wager is that its odds are lower than those of conventional point spread or totals wagers. This implies that if the wager wins, the potential reward will be less.
Though teasers offer flexibility in some areas, they may not be flexible in others. Bettors may not be able to place a teaser bet on the game or sport they are interested in since teaser bets are not offered for all games or sports. In addition, as the adjustments to the point spread or totals line are predetermined by the sportsbook, teaser bets give the bettor less control over the bet's outcome.
Finally, teaser bets can sometimes lower risk, but if the bettor is not diligent, they can also raise risk. It may be more challenging to win the wager as a result of the decreased odds and changes to the point spread or totals line, In some cases, it may have been more favorable for a bettor to have simply accepted the betting line and not teased in any direction, unknowingly taking on more risk than necessary.
May reduce the risk taken on compared to a traditional points spread
May increase the potential payout should the bettor parlay bets
May offer better flexibility to bettors hoping to secure certain action on certain lines
May effectively increase risk should the line be teased the wrong direction
Reduces profitability of a given line
May not be an option for all games
May restrict the options on lines that are offered, furthering limiting flexibility
Should You Use Teaser Bets?
Teaser bets are not generally a good long-term sports betting strategy. Like parlay bets, making multiple bets as one wager in which each segment must win decreases your odds of winning, and in general, you will not win enough for the compounded risk to make it worth using teasers as a consistent strategy.
While that is true, teaser bets went through became quite popular a few years ago because a specific type of two-team teaser known as a “Wong” teaser—so named after noted gambling author Stanford Wong—that can produce bets with positive expectation (+EV).
Steven Petrella, deputy editor for the Action Network, explains that Wong teasers work because “almost 40% of NFL scores end with margins of 3-7 points,” and this means that “[i]f you can get -120 or better on the 6-point, two-team teaser, it’s likely to be profitable over the long term.”
Otherwise, betting teasers is generally a -EV decision. But then again, so is all sports betting, and it’s possible to accept a loss in exchange for the excitement of betting on a game. As the American Gaming Association’s Vice President of Research David Forman puts it, “There are many ways to wager, and each fan gets to pick how they want to get in on the action. What’s most important is that every bettor takes the time to learn the odds and rules of their wagers and only bet within their budget. Sports betting should be enjoyed purely for fun, not as a moneymaking opportunity.”
If you are going to do that, and you want to limit your losses, there are general strategies about teasers to keep in mind:
- Never tease through 0. That would mean taking a team that’s -4 to +2. Why shouldn't you? Because NFL games are designed not to end in ties (and can’t end in a tie in college), so you’re not getting one of the points for which you paid.
- Be careful betting basketball teasers, explains Steven Petrella, because they're generally not good bets, as there's too much variance in basketball scoring.
- Don’t tease college football. The range of possible outcomes is so wide that it’s not generally profitable.
- Be sure to get -120 or better on six-point, two-team teasers. If you’re not getting a solid deal on that teaser, you’re probably not getting it on others either.
What Happens If a Teaser Ends in a Push?
A sports betting push is when a game lands on the exact spread or total. Bettors get their bets returned and don’t lose any juice. In most cases, sportsbooks just drop that leg out and adjust the payout accordingly—the same as with a parlay.
What Does a Teaser Pay?
The most common teaser is a two-team, six-point football teaser. For this teaser bet type, the bettor can adjust point spreads for the two games but will realize a lower return in the event of a win.
Are Teasers a Good Strategy?
In most cases, teasers will not be a good option for the bettor looking to make money. Similar to parlays, tying multiple bets into one wager in which they all must win just increases the chances of the sportsbook scooping up your money. You're not getting compensated enough for the compounding risk.
The Bottom Line
Teaser bets are a type of parlay bet in which you can pay to improve your chances of winning on individual games. The most common teasers allow you to adjust the spread of football matches in exchange for combining two or more matches into one bet. Combining your wagers in this way makes it far less likely that the bet will pay out, but if it does, you stand to see a significant return.