Teasers are one of the more advanced types of wagers in sports betting. Similar to parlays, teasers involve combining two or more team selections as a part of the single wager, and all of the selections have to win in order for a teaser to payout. The selections included in a teaser betting card must be based on either point spread bets or totals bets. Generally, teasers are mostly used only for betting on American football and basketball.
The main feature that sets teaser bets apart from parlays is that bettors have the flexibility of adjusting the point spreads and/or totals in their favor but as a trade-off, they get a reduced payout in case of a win. A bettor may lower the point spread for the favored team or raise it for the underdog, while for totals the adjustments can be made by moving the over down or raising the under up.
To see how this works in practice, we will provide an example of a teaser betting on a football match.
Denver Broncos (-3.5) vs Oakland Raiders (+3.5) – (Totals: 35.5)
In this example, the Oakland Raiders are given 3.5 points on the spread. If we were making a straight point spread bet on the Raiders or including that point spread bet as part of a teaser bet, then they would have to lose by no more than three points in order to win.
However, if they were selected as a part of a teaser bet, they would be given extra points. Let us say, we want to include the Raiders in a six-point teaser. Then they would be given 9.5 points on the spread, which means they could lose by up to nine points, and the selection would still win.
The same principals are applied in betting on the totals. The line is set at 35.5 for this match, and if betting on the over, a bettor would need the total points to reach 36 or more. Using a six-point teaser the total line would be moved to 29.5, which means 30 would be enough to designate a win. Betting for the under, the six-point swing would be applied in the opposite direction, and the line would be adjusted to 41.5.
Variables of a teaser bet
The number of points that the spread or the totals are adjusted by is the main variable in teaser bets. For football teasers, most bookmakers offer such options as 6, 6.5, and 7 points.
With basketball, the options usually include 4, 4.5, and 5 points, although some bookmakers offer flexible points on both types of games.
The payouts for teasers vary in line with a bettor’s favor. The bigger the adjustment of the spreads and lines, the lower the payouts will be. Consequently, a 7-point football teaser will have lower payouts than a 6-point football teaser. Similar to parlay payouts, teaser payouts also vary depending on the number of selections. The bigger the number of selections included in the betting card, the higher potential payouts will be. It is important to remember through, that increasing the number of selections also raises the chances of one or more of them ending up as a loss.
Teaser payout – Football
|# of Selections||Payout odds (6.0. Points)||Payout odds (6.5 points)||Payout odds (7.0 points)|
We can use the following example to illustrate exactly how these payout odds are applied.
Oakland Raiders +4.5
Denver Broncos +4
New Orleans Saints -5
Let us say, we are going to wager $60 on a three-team selection of a six-point teaser.
We select Oakland Raiders, Denver Broncos and New Orleans Saints. The following outcomes have to occur in order for this teaser bet to be a win.
Oakland Raiders will have to win, or lose by ten points or less.
Denver Broncos will have to win, or lose by less than ten points. Ten points loss would mean a push.
New Orleans Saints to win or lose by less than one point. A one-point loss would designate a push.
If all the three outcomes came through, then our total payout would be: ($60 x 1.8) + 60 = $168. However, if only one outcome turned out wrong, our entire $60 bet would be a loss.
Usually, if there is a push in a three-team teaser bet, the selection is removed from the wager, and if the results for two remaining teams proved true, the won amount would be calculated at the reduced odds for two teams selection, which is 10/11.