Teaser Bets

Among the ten main types of bets in sports betting, teaser bets are one form. It is a kind of parlay bet, where the bettor can change the point spread to make a bet easier to win, and the sportsbook lowers the payout to compensate for the shift in odds.

In football, two-team, six-point teasers are the most common form of these bets, but we can also find them in basketball.

What is a Teaser Bet?

Sports betting can initially seem complex, as different bets suit a particular event. For instance, if a punter bets on a horse race, it is to select the winning horse. Therefore, a 'moneyline' bet is appropriate as it is simply a win-or-lose wager.

However, when betting on teams, things get a little more complicated. Many games can produce unexpected results, and it's difficult to predict an exact score. Therefore, it makes sense to bet on a range of scores instead of just one.

This is where point spread betting comes in. Here, the bettor wagers on a range of outcomes, giving more flexibility and even allowing them to bet on the loser or underdog. Instead, a teaser bet uses the point spread and alters it in the bettors' favor. Bettors mostly use them in football.

This type of bet is a form of parlay betting, as it must include two or more bets. In parlay betting, one wager combines two or more events. For example, a horse race and a baseball game can be combined, creating a two-leg parlay. Both legs have to win for the parlay to win.

In the same way, a teaser combines two or more games, usually football. The most common form is the six-point, two-team bet. Here, two matches are bet on, and the point spread is shifted in favor of the underdog by six points. This setup makes a bet much easier to win or cover. However, the payout is reduced because, by altering the spread, there is less risk of losing.

Example: Teaser Bets Explained

This may seem unclear at first, but looking at an example will help make it more transparent. Let's say that a bettor placed a two-team, six-point on an NFL game. The first game is the Giants vs. the Eagles. As the underdogs, the Eagles have a +2.5 spread. The second game is the Buccaneers vs. the Saints. With a -7 spread, the Buccaneers are the favorites.

If we use teaser betting with a six-point move, this will change the spreads significantly. The new spreads become Eagles +8.5 and Buccaneers -1. The Eagles have a much more significant margin to cover the bet, and the Buccaneers don't have to win by so many points. Therefore, the bet is much easier to cover, and both teams have a broader margin to win by. Because it is easier to win, sportsbooks lower the payouts in line with the reduced risk.

How to place a teaser bet

Placing this kind of bet online is a simple process. Check that the sports betting application offers these types of bets, log in, and navigate to the sport of interest. Click on all the spreads that are part of the wager. Go to the bet slip. It will detail all the spreads individually. Find the 'teaser' button and click on it. Use the + and - buttons to adjust the spread.

Make sure that the odds and potential payout are favorable. If the bet and the odds are satisfactory, click submit. From there, it's just a question of sitting back and enjoying the games.

Understanding How Teaser Bets Work

These types of bets come in many forms, thanks to their combinations. There can be a two-team, six-point bet, and bettors can bet from 2 to 15+ teams. With those sorts of numbers, it can get complicated. However, it should be easier to understand once the teaser is explained.

Sportsbooks create different bets. For example, there are Super, Big, Monster, Jake, and Sweetheart bets, which are all combinations of the number of teams in the bet and the point spread.

For example, a Jake is where both teams in the same game are teased. Therefore, the point spread is changed within a single game, which can be useful if the bettor thinks the match will close.

Although these types of bets can make winning more manageable, they don't pay out well. This is because the bettor makes winning easier by broadening the point spread. So, the sportsbook adjusts the payout accordingly.

Naturally, they will not pay out as much on a bet where the odds have been adjusted in favor of the bettor. Still, there are proven strategies that can help bettors to win.

Overall, these bets have benefits, as you can tie games together, giving a higher payout. However, the bettor should consider how much they think the points will move in a given sport. Specific teasers are only valuable for the NFL, as the games are close, so it makes sense to buy points.

The Wong Teaser 

This is one of the most successful teaser strategies of the past twenty years. In his book 'Sharp Sports Betting' Stanford Wong outlined a winning strategy for football games and changed teaser meaning forever.

He stated that bettors should choose to play a two-team, six-point bet within the range of favorites at -7.5 to -8.5 and underdogs at +1.5 to +2.5. The six-point shift means the new spread becomes -1.5 to -2.5 and +7.5 to +8.5. Many football games will fall within the range, so it was a successful strategy over ten years.

Eventually, it was so successful that Stanford Wong changed how sportsbooks price and grade wagers and how they offer lines. They now provide shorter prices on two-team bets. Additionally, they often grade push legs as a loss and deliberately try to stay out of the Wong point ranges.

Reverse teasers or pleasers 

It stands to reason that if you can buy points, you should be able to sell them as well. This is essentially what a reverse teaser, or a Pleaser, is. It is a parlay bet with two or more selections, where you sell six points. These bets work best in basketball, NFL, and college football.

The sharper the market, the more likely the handicap is correct, and the bet will win. However, it is worth noting that these bets come in infrequently. The name 'Pleaser' may have come from how happy you will be if one of these bets comes in.

What if a leg pushes? 

These are betting terms that refer to tie or dropped games. The leg is one part of the teaser; therefore, it will have two legs if it is a two-game bet. In sports betting, the term 'push' means that the point spread or point total hits the exact number you betted.

For example, a bettor wagers the Dallas Cowboys as favorites at -7 and the Green Bay Packers as underdogs at -7. The Dallas Cowboys come in at +7 points. The wager has been pushed, and most sportsbooks will return the money to the bettor in this case.

However, sportsbooks do not treat all push the same way. Therefore, checking the terms and conditions to understand how they are dealt with is good. Some sportsbooks will remove the leg from the bet if the game is not played.

Other Tips and Strategies 

Bettors can use a few strategies to make their teasers more likely to win. The first is to do with NFL football. The scoring system in football means that specific numbers come up in point spreads, which are 3, 6, 7, and 10, because these margins decide most of the games.

By using teasers to move through these numbers, the bettor increases the bet's chances of winning. Another more controversial strategy is to move the spread through zero. NFL games rarely end in ties, so zero is considered a waste of a point when moving the spread. However, some bettors have succeeded by taking a short favorite and making it into a short underdog by moving it through zero using a teaser.

A final strategy is the same as a standard parlay: to keep the number of legs low. Instead of betting on five or six games, concentrate on a couple of games where the results are easier to predict.

Teaser payouts 

Payouts reflect the amount of risk in a bet. Therefore, the less likely that wager is to win the higher the payout. Teaser, follow this basic model. The payout will vary between sportsbooks, but how they assess it is the same.

The sportsbook uses an algorithm to determine the payout based on different factors. These include the sport it covers and the points the bettor is getting. The number of legs in the bet is also a significant consideration. When these elements are combined, the sportsbook can calculate the risk and the payout to be awarded.