What is a teaser? Teaser betting explained

Teaser betting is a type of parlay that allows bettors to adjust the point spread, making the bet easier to win. However, if that was all there is to teaser bets, everyone would be doing it, and sportsbooks would have trouble staying in business.

Let’s take a deeper look at the ins and outs of teaser betting, including what teasers are, how they work, and why players should or should not consider betting them.

What is a Teaser Bet?

A teaser bet is a type of parlay in which bettors can alter the point spread, making it easier to win. Sportsbooks, of course, do not allow bettors to do this out of kindness. The potential payout is also altered depending on how much the point spread shifts.

Let’s use the conference championship games from the 2023 NFL season as an example. The Ravens were a 4.5-point favorite over the Chiefs, and the 49ers were a 7.5-point favorite against the Lions. For a six-point teaser, you could buy six points, changing the point spreads to Chiefs +10.5 and 49ers -1.5.

Now, let’s say the Ravens beat the Chiefs 17-10 and the 49ers won 34-31. Since the Chiefs spread was +10.5 and the 49ers -1.5, you win both legs and your teaser hits.

How do Teaser Bets Work?

Example of teaser at FanDuel Sportsbook.

The “what” part is not hard to understand, but the “how” is a little more involved.

For example, you can’t change the spread on one leg by three points, another by ten, and a third by seven points.

Bettors can adjust the spread of all legs by a given number of points.

Changing the point spread makes it easier for you to win the bet but sacrifice your potential payout in the process.

Also, it depends on how much you alter the point spread and the sportsbook.

Each sportsbook will use its algorithm to calculate the new, lower payout.

Teaser betting is popular in football and, to a lesser degree, basketball at the best sports betting sites.

How to Place A Teaser Bet

For example, follow these steps to place a teaser on Caesars:

Choose the spreads for at least two games to create a parlay.
Underneath the summary of your parlay on the betting slip will be “TEASER.”
Click on the button next to it to activate the teaser.
Choose how much you want to alter the spreads.
Caesars will adjust the spreads accordingly and recalculate the odds.

Teaser Bet Example

Here is a teaser bet at Caesars that involved two of the First Four teams of the 2024 NCAA Men’s Tournament:

Select Grambling (+5 at -110) vs. Montana State and Colorado (-3.5 at -110) vs. Boise State. The odds for that two-leg parlay would be +257.
At the bottom of the bet slip, click on “Teasers.”
A counter will pop up at the top of the slip with a – on one side and a + on the other. Click on either until you see the number you want in the middle.
Select +4 to change the spreads to +9 Grambling and +.5 Colorado; the odds are now -110.
Enter an amount to bet and place your wager.

Pros & Cons of Betting Teasers

Before you start sports betting in this fashion, you should consider what some of the pros and cons are:

Pros of Betting Teasers

It’s easier to win your bet since you buy points to reduce risk.
Adding additional legs shifted in your favor can increase your potential payout.

Cons of Betting Teasers

Risk can increase if the line for one leg moves in the wrong direction.
The inherent risk of parlay betting remains; the more legs you add, the less likely you are to win.
It’s not an option for every game or sport.
Payouts are higher than straight bets but lower than standard parlays.

Depending on the sportsbook you use, you may not be able to move the original point spread as much or as little as you want.

Teaser Betting Based on Various Sports

It is not in the best interest for everyone, nor is it available for every sport. Let’s take a look at teaser bets specific to the four major North American professional sports leagues:

NFL Teasers

Here’s an example of a teaser involving NFL games:

In the divisional round of the 2023 season playoffs, the spreads for the underdogs in the four games that weekend were: Texans +9.5, Packers +10.5, Buccaneers +6.5, and Chiefs +2.5.
For a six-point teaser, the new spreads would be Texans +15.5, Packers +16.5, Bucs +12.5, and Chiefs +8.5.
The odds would go from +1228 to something more like +600 (est.).

With most NFL games involving relatively low scores (compared to basketball), buying three, six, seven, or ten points can be the difference between winning and losing. The payout will be less than a standard parlay but better than if you made a series of straight bets.

NFL teasers are more popular since buying a few points is more likely to have an impact.

NBA Teasers

An NBA teaser will work just like an NFL one. You will buy points to shift the spread in your favor. For example:

A two-leg parlay with Miami +1.5 vs. Cleveland and Golden State -11 vs. Memphis has +273 odds.
If you buy four points, the spreads become Miami at +5.5 and Golden State at -7; the new odds are -110.

These are not as popular as NFL teasers because a few points do not have the same impact on basketball teasers. However, if you want to place an NBA teaser, we suggest leaning towards heavy road favorites and home underdogs. Every team tends to play better when they are at home, making a game more entertaining and competitive but frustrating to spread bettors.

But if you bet on a six-point teaser and can shift a road favorite from +10 to +4 and a home underdog from +3 to +9, you have a better chance of winning.

Are NHL & MLB Teaser Bets Possible?

Teaser bets are typically not a sports betting option for NHL and MLB games at online sportsbooks since the final scores are so low. It’s not uncommon for an NFL score to total 45 points or an NBA game to total 230. But scoring opportunities are usually few and far between in the NHL and MLB; game totals are often less than ten.

Teaser Betting Payouts & Odds

Sportsbooks will adjust teaser bet odds and payouts as they see fit using their algorithm. The following table will show the odds for a standard NBA parlay (each leg starts at -110) and the change in odds as you buy points (at Caesars Sportsbook):

2-leg: +264 (parlay odds); +4 points: -110; +5 points -120; +6 points: -140
3-leg: +596; +180; +150; +120
4-leg: +1228; +250; +220; +180
5-leg: +2436; +400; +350; +300
6-leg: +4741; +600; +500; +450
7-leg: +9142; +800; +700; +600

Ties in Teaser Bets

What happens if one of the legs in your teaser is graded as a push? If a standard bet grades out as a push, bettors get their stake back. You don’t win, but you don’t lose. A similar concept is applied to teaser bets:

If you have a three-leg teaser and win two legs, but the third is a push, sportsbooks remove that leg, treat it like a two-team teaser, and adjust the odds accordingly.
A three-leg teaser with +180 odds would become a two-leg one with -110 odds.
The wager is graded as a push if you have a two-team teaser and one leg is a push.

It’s also important to keep in mind that some sportsbooks do consider a push a loss when it comes to teasers. It’s extremely vital to check out your preferred operator’s house rules before locking in any teasers for this exact reason.

Placing Teaser Bets Online

In this section, we’ll review the basic steps for placing an NBA teaser bet with an online sportsbook:

Register for an account if you don’t already have one.
If you need to, make a deposit into your account.
Navigate to the page of the sport you wish to bet on.
Create a parlay by choosing the spreads for at least two games.
Find the tab on the betting slip that allows you to change the parlay into a teaser.
Decide how much you want to alter the spread.
Place your bet.

Placing Teaser Bets In-Person

Websites and mobile sports betting apps are excellent in their own right, but nothing beats the experience inside a retail sportsbook at your nearest casino. Follow these steps to place a teaser in person at a retail location:

Locate betting sheets. Retail sportsbooks often have teaser cards you can work off. These cards will usually indicate your point options, the odds, and the payouts according to how many points you buy and the number of legs.
Find a seat where you can decide calmly how you want to bet and how much.
Review your wager before approaching the ticket counter. Make sure your ticket indicates the way you want to bet.
Be courteous to the ticket writer as they help you place your bet.
Put your ticket somewhere safe and secure. You’ll need it later after you win.
Cash out your bet and tip the ticket writer.

Best Teaser Betting Strategies

Looking for a teaser betting strategy? Here are some common ones used when betting teasers at online sportsbooks:

Wong NFL Teasers: Buy six points for a two-leg parlay, but each leg needs to have an original spread of -7.5 to -8.5 for favorites and +1.5 to +2.5 for underdogs.
Tease Big Favorites Down: The spread was big because the favored team was expected to win with ease. By taking the spread from -7.5 down to -3, you make it easier for favorites to cover and you to win.
Never Cross Zero: Don’t add so many points that a spread goes from -2.5 to +1.5.
Pass on Totals: You will not be able to adjust them enough to make a difference.
Line Shop: There isn’t an industry standard for adjustments, so one book may give you better odds than another and a higher payout.
Tease Low-Scoring Games: The points you add will have more value for lower scoring football games.
For a football game, target these numbers: 3, 4, 6, 7, 10, and 14; they are the common margins of victory in a football game.

Reverse Teasers (Pleasers)

Reverse teasers (pleasers) are just like teaser bets in that they are parlay bets with the point spreads and odds adjusted. But rather than move the spread in your favor, you move it in favor of the House.

Why would you want to do that? Doesn’t that mean your wager will be harder to win? Yes, winning will be more challenging, but the payout will also be higher.

Here is how you can place a reverse teaser bet on men’s college basketball at FanDuel:

Create a parlay bet by choosing the point spreads for 2+ games. Ex: Mississippi State +1.5 (-115), Duquesne +9.5 (-110), Akron +13.5 (-115). Parlay odds: +567
At the bottom of the bet slip, click “Teasers & Round Robins.”
Click on “Teasers.”
You want to make it harder for underdogs to cover, so click “-” until the number reads -5. Spreads then become: Mississippi State -3.5, Duquesne +4.5, and Akron +8.5. Teaser odds:+1057
Enter how much you want to bet.
Place your wager.

Teaser Betting FAQs

Below, we cover some of the industry’s most common questions regarding teaser betting. For more information on teaser betting at a specific sportsbook, check out the site’s house rules.

How do a teaser bet and a parlay differ?

Parlays use the odds the sportsbook has listed for each leg, while teasers allow bettors to move the spread in their favor. As a result, the bet’s odds will be shortened when betting a teaser.

What is an open teaser?

With an open teaser bet, bettors can add legs to an existing bet as long as at least one leg has not settled and there are no losing legs.

What is an example of a teaser bet?

Here is an example of a two-team teaser:

You start with a parlay, i.e., Duquesne +9.5 and Akron +13.5; odds +256
Select “Teaser” on your bet slip and buy 3 points. The new spreads are: Duquesne +12.5 and Akron +16.5
New odds +124

What is a teaser? Teaser betting explained June 2024

More on Teaser Betting

What is a Teaser Bet?

How do Teaser Bets Work?

How to Place A Teaser Bet

Teaser Bet Example