What Is Teaser Betting and How Does it Actually Work?

If you’re beginning your descent into the rabbit hole of sports gambling, you’ve probably run across hundreds of new words and strategies that make no sense to you.

But if you slowly build knowledge and experience, you can add new strategies that add extra dimensions to your betting arsenal.

One type of bet is called a teaser bet.

In this article, we’ll tell you everything you need to know about teaser betting and how it can help you fill your wallet on your next wagers.

What Is a Teaser in Sports Betting?

To understand what a teaser bet is, it’s important to know what a parlay bet is first. A parlay bet is when you tie together two or more bets into one combined wager. To win the bet, you need to win every step of the parlay bet. Although it’s a higher risk, it’s a much higher reward as well.

When it comes to gambling on sports, a teaser bet is a more specific type of parlay bet. In a teaser bet, the gambler has the option to change the spread of a game or match. This will in turn make it easier for them to win the bet. However, the book will decrease the amount you’re able to win in the process.

A common example of this is a 2-team, 6-point football teaser. When gambling on an NFL game, the bettor can change the spread of both games by 6 points in a more favorable way. To win the bet, the bettor must complete both legs in the teaser. Although the maximum amount they can win is lower, it will be easier to hit both legs.

These kinds of bets are most common in American football and less so in basketball. Typically, you can change six points in football and four points in basketball. 

If you want to use teaser sports betting, you have to choose at least two teams to bet on.

Example of Teaser Betting

Let’s take a look at an example of sports teaser betting in the NFL. Imagine this scenario:

• Rams (vs. Seahawks): Original spread +2.5, new spread +8.5
• Dolphins (at Ravens): Original spread -7, new spread -1

As you can see, both spreads were adjusted by 6 points. 

Let’s say that the Rams lose to the Seahawks 27-20. This 7-point loss is covered by the new 8.5-point spread. Meanwhile, the Dolphins beat the Ravens 30-27, which covers the new 1-point spread.

As you can see, adjusting the spread through a teaser bet makes it easier to win than just using the original spread in a two-team parlay. Neither team would have covered the original point spread, but both covered the teaser.

This kind of teaser would typically be priced at around -120. This means that if you risked $12, you would win $10. If only one of the legs were covered, you would lose your $12. 

Although the six-point, two-team football teaser is the most common kind of teaser bet, there are several varieties of teaser bets you can do to change the spreads in both football and basketball. You can even include over-under bets or other stat bets to your teaser.

The more bets you add to your wager, the higher reward you can win (while being more difficult, of course).

Calculating Teaser Bets

Teaser bet prices will vary depending on the sportsbook that you play on. They all have their own algorithms that determine your payout. However, they usually are based on these three factors:

• The sport
• The number of points you’re adjusting
• The number of games you’re including in your teaser

Sometimes they will also adjust prices based on the spreads that change. For example, it can be more advantageous to go from +2 to +8 than from +10 to +16.

As of March 2022, here are some examples of teaser bet breakdowns from some of the biggest U.S. sportsbooks:

• Caesars [-120]
• DraftKings Sportsbook [-120]
• BetMGM [-120/-130]
• Circa [-120]
• FanDuel Sportsbook [-134]

You should be aware that changing your odds from -110 (the normal price for a spread) to -120 can make a huge difference in your payout, so plan accordingly.

What Happens If a Teaser Bet Ends In a Push?

A push is when a game finishes on the exact spread or total of points. In this situation, the bettor will get their money back without losing juice. Depending on the sportsbook, they’ll typically just drop that leg out of your parlay and adjust the payout.

Are Teaser Bets a Good Strategy?

Often teaser bets are not the best option for bettors that are looking to make money. Just like a parlay bet, when you tie multiple bets together into one wager, you’re increasing the risk by needing every leg of the bet to hit. The exchange in this situation is that you’re getting paid out a lot more.

However, teaser bets lower your payout, which means you don’t get compensated enough for taking on the extra risk of multiple bets needing to hit.

Teaser Bet Strategies

As we mentioned, teaser bets are generally a negative expected value bet. However, so are many other sports betting strategies without an edge. 

Here are a couple of tips to keep in mind when doing teaser bets:

Never tease through 0. An example of this would be taking a team that’s -4 to +2. Why? NFL games are designed to not end in ties (and can’t at all in the NBA or college football), so you won’t get one of the points that you pay for.

Don’t tease college football games. The range of outcomes is much wider in college football, making it not as profitable. The same can be said about basketball games in general.

Always check the odds. Always make sure you’re getting at least -120 or better on 6-point, two-team teasers. Anything less is not worth the risk.

What is a Pleaser/Reverse Teaser?

In a teaser bet, you buy points and lower your payout. A pleaser is the opposite — you sell points (in at least two games) to get a bigger payout.

For example, let’s say you like the 49ers at +7.5 and the Bucs at +11. You might even think they’ll cover a shorter number. You can “sell” seven points each to get the 49ers +0.5 and Bucs +4 for a much larger payout.

A two-team, six-point pleaser typically pays out around 6-1 at sportsbooks. 

Should I Use Teaser Bets?

Teaser betting is basically a parlay bet that you can make easier in exchange for a lower payout. Although it’s not the most profitable strategy in sports gambling, you can definitely take advantage of it in certain strategies.

If you want to start learning the best strategies and even learn to create your own sports betting model to make the best picks, enroll in our free sports gambling course today!