How Teaser Bets Work

Teaser bets, or teaser parlays, work by allowing you to shift the point spread or total in a way that increases your chances of winning. Here’s how it typically works:

Adjusting the Point Spread or Total

In a standard point spread bet, you might have a game where one team is favored by 7 points. With a teaser bet, you can move that line by a set number of points (e.g., 6 points) in your favor. This means the new spread for your bet would be -1 instead of -7, making it easier for the favored team to cover the spread.

Similarly, for total bets (over/under), if the line is set at 48 points, you can tease it to 42 or 54 points, depending on whether you’re betting the over or the under.

Combining Multiple Selections

Teasers require you to combine at least two selections (known as legs). Each leg’s line is adjusted according to the teaser amount, and all selections must win for the teaser to pay out.

For example, if you select two games where the original spreads are -7 and -4, a 6-point teaser would adjust them to -1 and +2, respectively. Both teams must then cover their new spreads for the teaser to win.

Reduced Payouts

The primary trade-off for the improved odds of winning is a reduced payout compared to a standard parlay. This reduction reflects the lower risk associated with the adjusted spreads or totals.

Different sportsbooks may offer varying payouts for teaser bets, so it’s important to understand how much value you’re getting when placing these bets.

Understanding the mechanics of how teaser bets work is crucial for using them effectively. While they offer a safer alternative to traditional parlays, the reduced payouts mean that they should be used judiciously, especially when aiming for long-term profitability.

Common Sports For Teasers

Teaser bets are most commonly used in sports where point spreads and totals play a significant role in betting. Understanding the dynamics of each sport can help you determine when and how to use teasers effectively. Below, we’ll explore how teasers are typically applied in the NFL and NBA.

NFL

The NFL is the most popular sport for teaser bets, largely due to the importance of key numbers like 3 and 7. These numbers represent common winning margins in football, making it advantageous to use teasers that move the spread across these key thresholds.

A popular strategy in NFL teasers is to tease underdogs up through key numbers (e.g., from +2.5 to +8.5) or favorites down through key numbers (e.g., from -8.5 to -2.5). This approach capitalizes on the frequency of close games and increases the likelihood that the teased line will cover.

NFL games tend to have lower scoring compared to other sports, which makes each point more valuable. This makes teasing especially effective because moving the line by 6 points can significantly impact the probability of winning the bet.

NBA

The NBA features higher-scoring games compared to the NFL, meaning that individual points are less impactful. This makes teasing slightly less effective, but it can still be a valuable strategy when used correctly.

NBA teasers are often used on totals as well as spreads. Given the variability in scoring, teasing a total up or down can help protect against unexpected offensive or defensive performances. For example, teasing an over/under total by 4 or 5 points might help you avoid the risk of a game landing right around the original total.

Teasing favorites down to smaller spreads or underdogs up through key numbers like +4.5 or +6.5 can be a solid strategy in the NBA. However, because games can swing widely in the final minutes, it’s important to carefully analyze the matchup and game flow before placing a teaser.

Types of Teaser Bets

Teaser bets come in various forms, each offering a different way to adjust the odds in your favor. Below are some of the most common types of teaser bets that bettors encounter.

Point Spread Teasers

Point spread teasers are the most popular type of teaser bet. They allow you to adjust the point spread in your favor by a predetermined number of points, usually 6, 6.5, or 7 points.

In a typical point spread teaser, if a team is favored by 7 points, you can tease the line down to 1 point, making it easier for your team to cover the spread. Conversely, if you’re betting on an underdog that is +7, a 6-point teaser would move the line to +13, giving you more cushion.

These teasers are especially popular in football, where key numbers like 3 and 7 play a significant role in betting outcomes.

Example:

If you select two games where the spreads are -7 and +3, a 6-point teaser would adjust them to -1 and +9. Both teams must cover their new spreads for your bet to win.

Point spread teasers are ideal for bettors who want to improve their chances of winning on games where they feel the original spread is too risky.

Total Points Teasers

Total points teasers, also known as over/under teasers, allow you to adjust the total points line for a game.

In a total points teaser, you can move the total points line up or down by a set number of points, just as you would with a point spread. This allows you the flexibility to adjust the line in a way that fits your expectations for the game.

For instance, if the total for a game is set at 48 points, a 6-point teaser could move it to 42 points (for the over) or 54 points (for the under), depending on which side you are betting.

Example:

Suppose the total in an NFL game is set at 48 points. If you believe the game will be high-scoring, you could tease the over down to 42 points, giving you a better chance to win your bet if the game turns into a shootout.

Total points teasers are useful when you have a strong opinion on how a game will play out but want to reduce the risk by adjusting the total.

Reverse Teasers

Reverse teasers, also known as “pleasers,” are the opposite of traditional teasers. Instead of moving the line in your favor, you move it against you, creating a much riskier bet but with a significantly higher payout.

In a reverse teaser, the point spread or total is adjusted against you, making it harder to win the bet. For example, a team that is favored by 7 points would now need to cover 13 points in a 6-point reverse teaser.

The potential payouts are much higher because of the increased difficulty of winning these bets.

Example:

If a favorite is at -7, a 6-point reverse teaser would move the line to -13. The payout would be much higher if the team covers this new, more challenging spread, but the risk is significantly increased.

Reverse teasers are for bettors who are confident in a dominant performance or a low-scoring affair and are willing to take on greater risk for a larger reward.

Sweetheart or Monster Teasers

Sweetheart or monster teasers are a variation of the standard teaser that allows you to move the line by a larger number of points, typically 10 or more, depending on the sport.

These teasers offer significant line movement in your favor but require more teams to be included in the teaser and come with much lower payouts.

For example, a 10-point sweetheart teaser might allow you to move a -7 favorite to +3, drastically increasing your chances of winning, but you might need to include three or more teams, and the payout will be considerably lower.

Example:

In a 3-team 10-point sweetheart teaser, you might adjust the lines from -7 to +3, +3 to +13, and an over/under from 48 to 38. All three teams must win against these adjusted lines for your bet to pay out.

Sweetheart or monster teasers are best suited for situations where you want to maximize your chances of winning multiple legs but are willing to accept a lower payout. However, these types of teasers often have high vigorish, and are a “special” variant offered by sportsbooks. They promise easy profit but aren’t optimal. 

Understanding the Math Behind Teaser Bets

To make teaser bets profitable in the long run, it’s crucial to understand the math that underpins these wagers. This section will dive into two key areas: Expected Value (EV) calculations and analyzing teaser odds.

Expected Value (EV) Calculations for Teasers

Expected value is a fundamental concept in betting that helps you determine whether a particular bet is likely to be profitable over time. For teaser bets, calculating EV involves understanding how the adjustment of point spreads or totals impacts the probability of winning each leg and, by extension, the overall bet.

Let’s take a look at an example to see how to calculate EV on a standard teaser from start to finish. 

Example 1

Let’s say there’s a matchup between the Buffalo Bills and the Philadelphia Eagles. The lines offered by the sportsbook are:

• Bills are favored by 7 points (-7).
• Eagles are favored by 3 points (-3)

You decide to place a 2-team, 6-point teaser on this game. After you tease the lines, the new spread will be:

• Bills: -1 (from -7)
• Eagles: +3 (from -3)

The sportsbook offers you -110 odds on this teaser. Let’s say you place a $110 wager for an expected profit of $100. The next step is to identify the expected value of this price. 

Step 1: Estimate the Probability of Each Leg

You can assess the likelihood of a team covering your spread in a few ways. Looking at historical ATS performance is a good start, but more advanced bettors might use logistic regression models, ELO ratings, or Bayesian updating. 

For this example, we’ll say that the likelihood is based on past ATS performance. 

• Bills: With the line teased from -7 to -1, let’s assume, based on historical data or models, that Team A now has an 80% chance of covering the -1 spread.
• Eagles: With the line teased from -3 to +3, let’s assume Team B now has a 75% chance of covering the +3 spread.

Now that you’ve decided on the probabilities for each, we have to find the combined probability. Use this formula to do so:

• Combined Probability = (Team A probability) X (Team B probability)
  • 0.80 X 0.75 = 0.60 or 60%

This indicates you have a 60% chance of winning the teaser and a 40% chance of losing it. 

Step 2: Convert the Implied Probability of the Odds

The sportsbook’s price on your teaser is -110. We need to find the implied probability of these odds so we can compare it with the new probability we found in the first step. 

To find the implied probability for negative American odds, use this formula:

• Implied Probability = (Odds) / (Odds) + 100
  • 110 / 110 + 100 = 110 / 210 = 0.5238 or 52.38%

If you want to learn more about how implied probability works, check out our comprehensive betting odds guide. 

Now that we have the implied probability, we compare it with the expected probability. In this case, 52.38% is lower than our expected 60%, which is a good indicator for a positive EV. 

Step 3: Calculate the EV

To calculate the expected value of a teaser, we use this formula:

• EV = (Probability of Winning X Payout) – (Probability of Losing X Stake)
  • (0.60 X 100) – (0.40 X 110) = 60 – 44 = 16

So the expected value of your wager is $16. This means that for every $110 you wager, you can expect a $16 return. 

If your EV had been a negative number, it would indicate that the wager was not profitable. 

Analyzing Teaser Odds

Analyzing teaser odds involves understanding how sportsbooks set these odds and whether they offer value based on the adjusted spreads or totals. Unlike standard bets, where odds are usually set based on market action and team strength, teaser odds are more uniform but can vary between sportsbooks.

How Sportsbooks Set Teaser Odds

Teaser odds are typically based on fixed payout structures that reflect the level of adjustment offered by the tease. For example, a 6-point teaser might pay -110 for a 2-team combination, while a 7-point teaser pays -130.

The odds reflect the fact that the more points you tease, the more favorable the bet becomes for the bettor, so the payout decreases accordingly.

Comparing Teaser Odds Across Sportsbooks

Not all sportsbooks offer the same teaser odds, and the differences can significantly impact your profitability. Some might offer -110 for a 6-point teaser, while others might offer -120 for the same bet.

Shopping around for the best odds is crucial, especially for advanced bettors who are looking to maximize their edge. Even small differences in odds can add up over time.

Evaluating Whether Teaser Odds Are +EV

Once you have the probability of winning your teaser (calculated as described in the EV section), you need to compare this probability to the payout odds offered by the sportsbook.

If the payout odds are higher than the implied odds, the bet is +EV. For example, if a 2-team 6-point teaser has a 55% chance of winning, and the sportsbook offers -110 odds, the implied probability of those odds is approximately 52.38%, making the bet +EV.

However, if the same teaser were offered at -120, the implied probability jumps to around 54.55%, making the bet less favorable or potentially -EV.

Example 2

Imagine you find a sportsbook offering +100 odds on a 2-team, 6-point teaser. If your calculated probability of winning the teaser is 56%, the EV is positive, and this is a bet worth considering.

On the other hand, if another sportsbook offers -130 odds for the same bet, the implied probability is much higher, making the bet less attractive, even if the probability of winning remains the same

Advantages of Teaser Bets

Disadvantages of Teaser Bets

Mistakes to Avoid When Placing Teaser Bets

Teaser bets can be an effective tool for sports bettors, but only when used wisely. Even seasoned bettors can fall into common traps that reduce the profitability of their wagers. This section highlights key mistakes to avoid when placing teaser bets, helping you to make more informed and strategic decisions.

Teasing through the wrong numbers: In sports like football, certain numbers (e.g., 3, 7, 10) are considered “key numbers” because games frequently end with these margins of victory. Teasing a spread through these key numbers can provide a significant advantage, but many bettors make the mistake of teasing through less impactful numbers.

• How to avoid this mistake: Focus on teasing spreads that move through key numbers. For instance, teasing a line from -8.5 to -2.5 doesn’t cross any key numbers and might not offer as much value as teasing a line from -7.5 to -1.5.

Overvaluing the teaser: The allure of moving the line in your favor can lead to a false sense of security, where bettors overestimate their chances of winning. This is especially common when bettors assume that a teased line is almost guaranteed to win.

• How to avoid this mistake: Always remember that while teasing improves the chances of winning, it doesn’t eliminate risk. Each leg of the teaser still needs to win, and unexpected outcomes are always possible. Evaluate each leg carefully before adding it to a teaser.

Including too many teams to the teaser: Not all teaser payouts are created equal. Some sportsbooks offer more favorable odds than others, and failing to shop around can lead to lower payouts and a negative expected value (EV).

• How to avoid this mistake: Stick to 2- or 3-team teasers to manage risk effectively. The more legs you include, the greater the chance that one will lose, turning a potentially profitable bet into a losing one.

Balance Teaser Risk With Targeted Betting Picks

The ability to customize your legs is what sets teasers apart from the parlay, and many sports bettors will opt for lower profits in exchange for higher chances of success. 

Teasers can also be very effective when betting against the public, as point spreads and total point lines can be influenced by public money. This makes it easier to find profit opportunities. 

One of the best ways to boost your teaser game is to sign up for picks from pro handicappers. The portion of teaser math that often trips up bettors is how to define an expected probability of a teased leg. Pro sports bettors have the time and knowledge it takes to come up with a reasonable probability percentage that most intermediate, and even advanced, bettors do not. 

You can take advantage of the full line of teaser picks and predictions from the team at ScoresandStats by signing up for our premium subscription. Our bettors have been in the green for years, and their insight is invaluable for anyone who wants to make more money betting on sports.