Teaser Bet

By
• Learn The Lines
• April 04th, 2022

A teaser bet is a multi bet which is similar to that of a traditional parlay. A teaser bet requires two or more selections and they all have to win, but unlike parlays, it allows bettors to make their selections potentially ‘easier’ to win. This guide has been created to clearly explain what a teaser bet is, how they work and the pros and cons of teasers bets.

What is a teaser bet? 

A teaser bet is two or more selections combined into one but it focuses solely on the points spread and over/under totals markets. You cannot put other bet types such as moneyline within a teaser bet, like you can with traditional parlays.  

The key feature of a teaser bet is that it allows you to move the point spread and over/under totals between 4 and 10 points depending on the sport. This allows bettors to move the points in their favor but remember, all the selections have to win in order for your teaser bet to be settled as a winner.

How does a teaser bet work? 

A teaser bet allows you to move the spread (or total) between 4 and 10 points but the most common teaser is a 6-point teaser. 

In order to form a teaser bet you will need to add two or more selections, all of which have to be a points or total bet. The more selections you add to your teaser bet, the more you stand to win, but you have to be cautious as the more selections you add, the harder your bet will become to win.

Below is an example of how I’d build a 3-fold teaser bet. A ‘fold’ is just the number of selections I have within my teaser bet and how many I need to win in order for my bet to settle as a winner.

I have gone to the NFL section on DraftKings and selected my three teams I want to include within my teaser bet.

The original point spread looks like this:

• Dallas Cowboys +7 -110
• Tampa Bay Buccaneers -7 -110
• San Francisco 49ers -7 -115
• Detroit Lions  +7 +105
• New York Jets +5 -115
• Carolina Panthers -5 -105

As you can see I have selected the three favorites in each of their games. You know who the favorite is because they will always be assigned minus (-) points. It might be that I think all three teams will win but I’m not confident that all three will cover their original spread and win by more than the negative points assigned to them.

In my bet slip you can see that all three point spread picks have been added. I can either place a parlay bet on the three teams with the original slip or a teaser bet. Of course we want to select the teaser bet option and this is how it looks below:

You can see I have created a ‘3 pick 6-point teaser bet’ and accordingly each of my picks have allocated an additional 6 points to the original spreads:

Carolina Panthers’ original spread was -5, in my 6-point teaser bet it is now +1. Meaning that they actually start the game 1 point ahead of their opponents, instead of 5 points behind, even though they are the favorites of the game. 

Tamba Bay Buccaneers and the San Francisco 49ers both had original spreads of -7 but they each now have a much more achievable -1 spread with the 6 points added in the teaser.

Although my bet looks potentially more winnable now, all three selections still need to win in order for me to win my teaser bet. It’s also worth bearing in mind the odds are quite a bit shorter than that of a traditional parlay on the three original spreads. Let’s take a look at how they compare:

A $10 teaser bet on three teams at total odds of +160 returns $26.00.

Whereas a $10 parlay bet on the original spread would have returned $69.98. Well over the double your teaser bet returns.

Where to place your teaser bets?

Teaser bets are a popular feature of US sports betting and all of the top established sportsbooks in legal betting states should offer this as an option alongside  parlay bets. 

Many sportsbooks will allow you to browse the odds without having to sign in, which is a great way to explore the different teaser bet odds you can get from bookmaker to bookmaker. Teaser bet odds can vary across different operators and better odds means bigger profit, so it is always worth shopping around to see which sportsbook is offering you the best odds for your teaser bet. 

Below is an example of a ‘2 leg 4-point teaser’ pick on the Milwaukee Bucks and the Los Angeles Lakers in their games in the opening week of the NBA season on both FanDuel and Draft Kings:

You can see at FanDuel that they are offering more generous odds of +120 on their 2-pick 4 point teaser bet. Whilst Draft Kings are offering odds of -110 on their 4-point teaser bet on the same two games.  

You can also see that as well as different odds, you can also get more favorable point spreads by shopping around, with Draft Kings offering a more attractive point spread on both teams compared to at FanDuel in this example. 

FanDuel                                                                        DraftKings

Let’s take a look at how much you’d stand to win if you bet with each sportsbook and what the difference in winnings would be compared with each. 

• In the Draft Kings example a $50 teaser bet would return $95.45
• In the FanDuel example a $50 teaser bet would return you $110.00

As you can see if you are looking for pure value in terms of monetary returns, you would place your bet at FanDuel. However it is worth bearing in mind that the Draft Kings spread is more favorable and easier to win than that offered at FanDuel. So there are benefits to betting at both sportsbooks.

Teaser bets pros and cons

There are many clear benefits and obvious attractions to teaser bets but like all bet types, they may not be everyone. Let’s start by taking a look at the clear advantages of a teaser:

Easier to win than normal point spread parlays: The fact that teaser bets allow you to move the spread to a more achievable level is a major attraction for bettors. Traditional point spread bets can be challenging bets to win, especially when backing the favorite, as not only does your selection have to win the game, they also have to cover their spread (win by more points than their allocated spread). Whereas with a teaser bet, they either have to win by a smaller margin or in some cases can even lose the contest and you still win your bet. 

Teaser bets gives you the opportunity to win more underdog bets: Although traditional point spread bets offer a more level playing field and makes underdogs more backable, there is still a very good chance that they will lose more than their allocated points. Sportsbooks know what they’re doing after all right? But by using a 4 or 6 point teaser bet you are giving yourself a much more realistic, easier chance of winning your underdog bets. 

One of the more easier ways to land a multi bet: Parlay bets are one of the hardest bet types to win because you need two or more selections to win. The same does of course apply to teaser bets but you do get the benefit of a favorable spread, making them more straightforward to win than traditional parlays or point spread parlays. 

The disadvantages of a teaser bet:

Odds will not generally be very appealing on teasers: Point spread bets often have odds of around about the evens money mark each side of the spread, which in itself isn’t huge, but with teaser bets because they effectively simplify your selection, e.g. give you a much greater chance of winning your bet, bookies will offer much lower odds on each selection within your teaser.

All your selections have to win: The fact that teaser bets are a form of multi bet is what makes them an attractive option with the chance to win more. But this can also be perceived as a negative of teaser bets as you know if just one selection lets you down your teaser bet will settle as a loser. The more selections you add within your teaser, the harder it will become to win.