Teaser Bet Explained

Teaser bet explained. Learn how to make a teaser bet, how teaser bets win or lose, and when to bet a teaser. Teasers are most commonly placed on NFL football. Take care: not all NFL teasers are created equal. NBA teasers are only advisable in certain situations. Next, learn which teaser is better: Standard vs Sweetheart. Finally, discover why this bet isn’t always profitable in the long run.

STATE
Bet
BetRivers Sportsbook#1 BetRivers
REVIEW
$250 Bonus - 100% Match on First Deposit - Code: 250MATCH
Bet Now
BetMGM Sportsbook#2 BetMGM
REVIEW
New Customers - Risk-Free First Bet Up to $1000
Bet Now

What is a Teaser Bet?

A teaser bet is a modified parlay that allows bettors to buy points to shift spread and total lines in their favor in exchange for a lower payout. Sportsbooks use moneyline odds to indicate risk and win amounts.

Like a parlay, the more selections you make, the higher the payout. However, buying points decreases risk compared to a traditional parlay. As a result, the tradeoff for an easier win will be a decreased payout.

How does the Teaser Bet Win or Lose?

A teaser bet wins if all selections are correct. It also wins if the sportsbook grades ties as wins.

The teaser bet loses if any selections lose. It also loses if the sportsbook grades ties as losses.

Note that individual spread and total bet selections win, lose, or tie according to each game’s outcome. Remember that the points you bought shifted each selection’s lines in your favor. Review each game’s result with these updated lines in mind.

When does the Teaser Bet Tie or Push?

Like a parlay, a teaser bet doesn’t tie or push like a straight bet. Instead, each tie selection reduces the payout by 1 selection for 3 or more total selections. For example, a 3 selection teaser with 1 tie reduces the payout to the 2 selection amount. Similarly, a 4 selection teaser with 1 tie reduces the payout to the 3 selection amount.

Note that some sportsbooks grade tie selections as losses, while others may grade them as wins. In either case, your teaser bet will either win or lose. No ties will reduce the payout.

Teaser Bet Ties Reduce Until 2 Selections

Multiple ties continue reducing the teaser payout until 2 selections remain.

Once 2 selections remain, the teaser cannot be reduced. At this point, one win and one tie would result in a refund. Sportsbooks would grade this bet as “no action”. However, one tie and one loss would be a losing bet.

How to Place a Teaser Bet

  1. Select 2-10 spread bets, total bets, or combinations of both.
  2. Buy points to shift lines in your favor.
  3. All selections must be correct to win.
  4. Tie selections reduce teaser payout until only 2 selections remain.

How Much Do Teaser Bets Payout?

Your teaser bet payout depends on the number of winning selections and the amount of points you purchased. In general, the more winning selections, the higher the payout. Remember, a tie selection reduces your payout by 1 selection until only 2 selections remain.

Example NFL Teaser Odds & Payouts

The example table below shows the moneyline payout for a winning NFL teaser bet. Match the number of selections you made to the number of points you purchased.

Example NFL Teaser Odds & Payouts
Selections 6 6.5 7
2 -120 -130 -140
3 +150 +135 +120
4 +260 +225 +200

For example, a 3 selection 7 point teaser pays +120. That means you win $120 for risking $100. Similarly, a 4 selection 6 point teaser pays +260. You win $260 for risking $100.

NFL Teaser Example: How Lines Move In Your Favor

Consider the following point spreads and total lines on 3 NFL matchups. We’ll place a 3 selection 6.5 point teaser. Each line will shift 6.5 points in our favor. A winning bet pays +135, or $135 for risking $100.

Calculating Adjusted Teaser Line Values

Point Spreads

  1. Add the points to each favorite spread to reduce the favorite’s winning margin.
  2. Add the points to each underdog spread to increase the underdog’s losing margin.

Totals

  1. Over – Subtract the points from the total line to make the over more likely to win.
  2. Under – Add the points to the under line to make the under more likely to win.

3 NFL Selections

Normal Lines
Point spread – Ravens -6.5
Total – Jets vs Falcons Under 42
Point spread – Bears +7

We add 6.5 points to the Ravens favorite -6.5 point spread. Now, their line is -0 or PK. They only need to win outright.

Next, we add 6.5 points to the Jets vs Falcon 42 point total line. The new total line is 48.5. Now, a winning under point total is 48 points or less.

Finally, we add 6.5 points to the bears underdog +7 point spread. Their new line is 13.5. The Bears selection wins if the lose by 13 points or less, or win outright.

Teased Lines
Point spread – Ravens -0 or PK
Total – Jets vs Falcons Under 48.5
Point spread – Bears +13.5

This bet pays +135 odds, or $135 for risking $100, if successful.

Example NFL Odds
Selections 6 6.5 7
3 +150 +135 +120

What is a Sweetheart Teaser?

Also called: Monster Teaser

A sweetheart teaser offers NFL bettors the chance to tease 5-10 selections by 10 or 13 points. 3-4 selection NFL sweetheart teasers are limited to 10 points.

A sweetheart NBA teaser allows bettors to tease 5-10 selections by 7-13 points. Like the NFL, 3-4 selection NBA sweetheart teasers are limited to 7 points.

Any tie results in a loss with Sweetheart teasers. Carefully review your sportsbook’s Sweetheart Odds tables before placing a bet.

Are Sweetheart Teasers Better then Standard Teasers?

Sweetheart teasers are deceptive. At first, moving NFL lines 10 points in your favor sounds like a sure thing. Unfortunately, the smaller payout and tie rules work against you. Experienced sports bettors don’t consider Sweetheart teasers good value bets.

Instead, consider a standard teaser. Or, break a large Sweetheart teaser into 2 or more smaller teasers. This strategy might seem more risky than betting a generous Sweetheart teaser. The upside is a higher payout and more favorable sportsbook rules.

Always balance the cost of losing versus the benefit of winning. A Sweetheart Teaser makes losing unlikely in exchange for a small win if all selections are correct and none tie. In most cases, we advise betting standard teasers instead.

Pros And Cons

Pros

  • Teasers are a less risky parlay alternative. Buying points in exchange for a smaller payout decreases the risk you’d face with a parlay.
  • Teaser bets are good for betting multiple games with a smaller bankroll.
  • Teaser bets can be profitable if you tease 2-3 NFL spreads towards key numbers. See the Wong Teaser below.

Cons

  • Winning teaser bets pay less than an equivalent parlay. Don’t settle for a smaller teaser payout if you think a parlay can win.
  • Sportsbook tie rules may decrease the overall value of some teasers.
  • Separate winning side and total straight bets are more profitable in the long run than combining the same bets into teasers.
  • 4+ selection teaser odds do not favor the bettor in long run. The occasional big win will be offset by small losses.
  • Sweetheart or Monster teasers are not good value bets. Expect to lose money in the long run.

Tips

Know the Rules about Ties

Review your sportsbook’s rules before placing a teaser bet. Know how ties affect your bet. The difference in long run winnings between ties-lose teasers vs ties-wins teasers is substantial. Ties-win teasers are always better for the player.

Shop Odds

Shop sportsbook teaser odds and rules. Some sportsbooks charge higher juice but offer more favorable tie rules. Other sportsbooks charge lower juice but grade ties as losses.

Extra Juice for NFL Key Numbers

Some sportsbooks charge extra juice for NFL 2-4 selection teasers crossing 3 and 7 point margins of victory. This limits their risk to Wong Teasers, also known as “basic strategy teasers”.

Standard Teasers Offer Better Value

Don’t bet Sweetheart teasers when standard teasers present better value. You will waste money buying unnecessary points in exchange for a much lower payout.

Bets to Try

  1. Classic Wong Teaser – Select 2 NFL games with totals under 50.5 and no road favorite. Tease lines 6.5 pts across key numbers 3 and 7. The bet is also called “Basic Strategy Teaser”.
  2. Wong Alternate – Select 3 teams buying 6 pts at +180 odds.
  3. Sweetheart Teaser – Tease 5-10 NFL selections 10 or 13 pts. Tease 5-10 NBA selections 7-13 pts. 3-4 selection NFL sweetheart teasers are limited to 10 points. 3-4 selection NBA sweetheart teasers are limited to 7 points.

Teaser Betting History

According to Robert L. Carneiro’s book Diary of a Football Handicapper, “Jimmy the Greek” said the teaser bet was likely created by Prof. Charles McNeil.

McNeil is also credited with popularizing point spread betting in Chicago during the early 1940s. He had been a successful sports bettor for years, starting his own operation only after another bookie began limiting his action. His ingenuity is responsible for one of the most important sports gambling concepts in history.

Other Names

Basic Teasers: Vegas Teaser, Standard Teaser

Sweetheart Teasers: Monster Teaser, Super Teaser, Special Teaser, Big Teaser, Mega Teaser

Similar Bets

  • Pleaser – Giving points back to the sportsbook in exchange for better paying odds.
  • Parlay
  • If Bet

Tables and Reference

Sample Basic Teasers

NFL Basic Teaser Odds
Selections 6 6.5 7
2 -120 -130 -140
3 +150 +135 +120
4 +260 +225 +200
5 +400 +350 +325
6 +600 +500 +450
7 +900 +800 +700
8 +1400 +1100 +900
9 +1900 +1500 +1200
10 +2500 +2000 +1500
NBA Basic Teaser Odds
Selections 4 4.5 5 6
2 +100 -110 -120 -140
3 +180 +160 +150 +125
4 +300 +250 +200 +190
5 +500 +400 +350 +300
6 +700 +600 +500 +425
7 +1000 +900 +800 +600
8 +1500 +1200 +1000 +800
9 +2000 +1500 +1200 +1000
10 +2500 +2000 +1500 +1500

NFL Sweetheart Teaser Odds

NFL Sweetheart Teaser Odds
Selections 10 13
3 -130
4 +110 -140
5 +150 -105
6 +200 +120
7 +275 +150
8 +350 +190
9 +450 +225
10 +550 +275
NBA Sweetheart Teaser Odds
+ Taps out more points
Selections 7 8 9 10 11 12 13
3 +100 -110
4 +150 +130 +100 -120
5 +220 +180 +140 +115 -110
6 +300 +250 +190 +150 +110 -130
7 +400 +325 +250 +185 +130 -110 -150
8 +500 +400 +300 +225 +160 +115 -125
9 +700 +550 +400 +300 +200 +135 -105
10 +1000 +700 +500 +375 +250 +160 +115

NFL Teaser Odds Across Key Numbers

Example NFL teaser odds with special premiums for 2-4 team teasers bets that either:

  • Cross over both 3 and 7 points.
  • Land on 3 or 7 points, while crossing over the other.
  • Come off of 3 or 7 points, while crossing over the other.

Extra juice charged for any team which falls under one of the above

  1. 2 Teams: 5 cents each team (max 10 cents)
  2. 3-4 Teams: 3 cents each team (max 9 cents 3 teams, 12 cents 4 teams)
NFL Teaser Odds Across Key Numbers
Selections 6 6.5 7 7.5
2 -110 -120 -130 -150
3 +160 +150 +135 +120
4 +260 +240 +200 +185
5 +420 +375 +350 +270
6 +600 +550 +475 +380
7 +900 +850 +800 +530
8 +1300 +1200 +100 +725
9 +2000 +1500 +1250 +975
10 +2500 +2000 +1600 +1325
11 +3500 +2500 +2000 +1775
12 +5000 +3500 +2500 +2400
13 +7500 +5000 +3500 +3200
14 +10,000 +7500 +5000 +4300
15 +15,000 +10,000 +7500 +5800

Required Reading

References


https://en.wikipedia.org/wiki/Teaser_(gambling)
https://mag.uchicago.edu/economics-business/point-man
https://books.google.com/books?id=G2EpG6UQngAC&pg=PA323&lpg=PA323

Time needed: 1 minute.

How to Place a Teaser Bet

  1. Make your selections.

    Select 2-10 spread bets, total bets, or combinations of both.

  2. Buy points.

    Buy points to shift lines in your favor.

  3. Your picks must be correct.

    All selections must be correct to win.

  4. Tie selections reduce teaser payout.

    Tie selections reduce teaser payout until only 2 selections remain.