The name 'teaser' says it all.
Why is this usually a sucker's bet?
What is a Teaser Bet?
A teaser bet can best be explained as a variation of the parlay bet. A teaser is a wager where you must select multiple teams or totals, and all selections must cover the spread to win. The major difference is that the spreads and totals are moved into the bettor's favor, which gives the bettor a greater chance of winning but at a much worse price than a typical parlay.
Teasers generally must include two or more bets (although some teasers may require three or more) and the more bets added to the teaser, the greater the payout. All selections in a teaser must be successful for the teaser to win.
Can I Mix Sports on a Teaser?
Generally speaking, a teaser is only designed for basketball and football selections, where the most prominent type of betting line is the point spread. You are usually able to include both basketball and football on the same teaser, but some sportsbooks do not allow it.
Why Not Add More Selections for a Greater Payout?
Yes, the more selections added to a teaser, the greater the payout. But remember, the more selections you add, the greater the probability of the teaser losing as well. Recreational bettors often get themselves into trouble by seeking a larger payout.
How Much Do Teasers Pay Out?
It really depends on the individual sportsbook as each sportsbook will have their own rules and their own teaser payout chart, but here is a general chart for teaser payouts, which is considered industry standard:
Let’s use the five-team 6.5-point teaser as our example.
On a $100 wager, your possible winnings would be $350 ($100 x 3.5).
If we contrast this to a parlay payout, a five-team parlay (at -110 odds for each selection) would payout roughly $2,435. Quite a big difference!
Are Teasers a Good Bet?
Generally speaking, a bettor receives worse odds on a teaser and does not understand teaser strategy to make them profitable in the long run.
The house edge increases with every additional selection added to the teaser. A standard bet at -110 odds yields the house an edge of 4.5%. A three-team six-point teaser for example has a house edge of over 20%. With each team you add to the teaser, your potential payout increases, but your expected value decreases.
Teasers are one of the most fun types of wagers but they are called 'teasers' for a reason.
What Happens if I Push on one of my Teaser Legs?
For most teasers, if one of your selections pushes, it is simply removed from the payout structure. For example, if you have a six-team, six-point teaser that pays +600 and one of the selections pushes, you are now left with a five-team teaser paying +400 (based on the chart above).
At most sportsbooks, for larger point teasers (10-point and 13-point), your teaser bet would be graded as a loss if one of your teaser legs pushes. Always check with your sportsbook's house rules before placing any teaser bets!
What is a Reverse Teaser?
A reverse teaser or a pleaser is the same as a teaser, with one difference; instead of the line moving in the bettor's favor, the line moves in the sportsbook’s favor. As a result, the payouts are exponentially larger.