Teasers are similar to parlays, in that all the teams selected in your wager (the number of teams is often determined by the sport) must win or the bet loses, but there’s one key difference. In a teaser, you’re allowed to move the point spread in any direction you like. Traditional basketball teasers allow you to move the line 4, 4.5, or 5 points, while with football teasers you may move the point spread 6, 6.5, or 7 points. Many US sportsbooks offer “sweetheart teasers” and the like, allowing the odds to move 10 points or more, but obviously, the payouts are much lower on a 14-point football teaser than on a 6-point teaser.
If the Green Bay Packers are -7 against the Chicago Bears, you can move the line in either direction, so if you bet a 6.5-point teaser, you can lay Green Bay -.5 points or take Chicago +13.5 points. For this reason, payouts on teasers are much less than they are for parlays.
A number of teaser sportsbooks consider ties as losses with teasers, while others reduce the number of teams in your teaser if one of them ties. It’s best to read the rules of the individual sportsbook before placing your wager.
Most sportsbooks allow bettors to tease totals as well, and again, the Monday night teaser with the side and total is popular during football season, especially with those who bet through illegal bookmakers; gamblers who are down for the week make one last attempt to get even.
The odds on football are dependent on the number of points a bettor wishes to move the line. A two-team 6-point teaser is typically -110, same as a traditional flat bet. A 6.5-point teaser is -120 (risk $120 to win $100), while a 7-point teaser is -130. The odds on teasers do vary between sportsbooks, so it’s wise to shop around before placing a bet.
Football teasers are typically limited to between six and eight teams, while some sportsbooks accept 10-team teasers. As with parlays, the number of teams you choose determine the payout for your bet. A three-team 6-point teaser might pay 9-to-5, while a six-team 6-point teaser pays 6-to-1.
Basketball teasers work the same as football teasers, although bettors are only allowed to move the point spread between 4 and 5 points. A two-team 4-point basketball teaser requires the bettor to lay odds of -110, while a 4.5-point basketball teaser is -120. A 5-point basketball teaser requires the bettor to lay -130 odds.
Again, the number of teams allowed in a basketball teaser is typically six to eight, although a few sportsbooks make exceptions and allow more. Several sportsbooks offer larger teasers, such as 7 or even 10 points.