Teaser Bet Explained: What is a Teaser in Sports Betting?

Most commonly found in basketball betting and NFL betting, teasers are similar to parlay bets in that they combine multiple wagers on the outcome of different events on the same ticket. Unlike parlays, teasers allow bettors the opportunity to adjust the point spreads up or down. For example, an NFL 6-point teaser would look something like this:

Let’s say the bettor backed the Chiefs -1 and Browns +15.5 on the 2-team, 6-point teaser, Kansas City would have to win by 2-or-more and the Browns would have to lose by 15-or-fewer points or win outright in order for the teaser to cash. If either wager loses, the entire teaser ticket loses. If the Chiefs win by one point, that leg pushes and the entire original wager is returned.

They are similar in that multiple, individual bets are added to the same ticket and must be picked correctly for the parlay bet and teaser to win. The difference between a parlay and a teaser is that a parlay the point spreads and totals don’t move, while teasers allow bettors the opportunity to “tease” points up or down, thus sliding the original spread and totals.

Just like with a parlay bet, if one leg of the 3-team-or-higher teaser pushes, that pick is just removed from the bet slip and the rest of the action remains live. If a bettor wagered a two-team, 6-point parlay and one of the events pushes, the original wager is returned to the bettor.

A Wong teaser is a specific type of 2-team teaser named for gambling author Stanford Wong. These bets theoretically have a positive expectation (+EV), but they only work in NFL betting. With its salary cap structure and draft rules, the NFL is designed for parity. Buying points, therefore, makes sense. Buying points in college football games is inadvisable because most games are relative blowouts.

Reverse teaser sports betting exists, as well. Instead of buying points, you sell 6 points to the sportsbook. Reverse teasers are called “pleasers”, because they have huge payouts when they hit. Some joke they’re called pleasers because the sportsbook is pleased when you make this wager.

The typical NFL teaser adjusts the spread either 6, 6.5, or 7 points and odds/payouts become higher or lower depending how many points you “tease” and in which direction.

The typical NBA teaser adjusts the spread 4, 4.5, or 5-points.

This depends on a couple factors, namely the bettor’s comfort level with the sports and/or events his teasing. If an experienced bettor knows the ins and outs of NFL point spreads and over-under totals, the risk is less than a novice jumping right into a 3-team, 6-point teaser with little experience betting the point spread. Payouts are larger because the risk is larger. If you like to bet aggressively and know the sport you’re betting on, yes teaser bets are worth the risk. If you’re new to sports betting, start off slow with a moneyline bet and learn how to wager point spreads.