How Does a Teaser Bet Work?
Introduction to Teaser Betting
A teaser bet allows you to adjust point spreads or totals in your favor across multiple games. It combines several bets into one wager, offering reduced risk but also lower payouts. Teasers are particularly popular in football and basketball due to the flexibility they provide. However, are they the best choice for long-term profitability? We’ll explore all of this in the article.
How Teaser Bets Work
Teasers involve selecting two or more games and adjusting the point spread or total by a fixed number of points, usually 6, 6.5, or 7 points for football.
Example: NFL Teaser Bet
Game 1: Green Bay Packers -6.5 vs. Chicago Bears
Game 2: Dallas Cowboys -3.5 vs. Philadelphia Eagles
A 6-point teaser adjusts the spreads to:
Packers -6.5 becomes -0.5: They only need to win by 1 point.
Cowboys -3.5 becomes +2.5: They can lose by up to 2 points or win.
Winning Requirement: All adjusted bets must cover for the teaser to win. If one leg fails, the entire bet is lost.
Are Teaser Bets Profitable?
Teaser bets can sometimes be profitable, but they’re tricky and usually not the best choice for long-term bettors. Sportsbooks charge higher juice (fees) for teasers, which often negates the value of adjusting the lines.
Key Challenges with Teasers:
1. Crossing Key Numbers:
Teasers are most effective when they move spreads across key numbers in football, such as 3 and 7, the most common margins of victory. For instance, teasing a team from +2.5 to +8.5 captures both key numbers, significantly improving the chance of winning. However, not all teased lines provide this advantage, making careful selection crucial.
2. Higher Fees:
Sportsbooks charge more for teasers because the adjusted lines seemingly give bettors an edge. In reality, the higher juice often outweighs the benefit of these adjustments.
3. Low Expected Value (EV):
Unless you're extremely selective, teaser bets generally lack positive expected value (EV). For casual bettors, the ease of covering adjusted spreads can be misleading, as the overall risk remains high due to the multiple legs.
How Are Teasers Like Parlays?
Similarities:
Both require multiple bets to win, and losing one leg results in a loss of the entire wager.
Differences:
Parlays keep the original lines and offer higher payouts
Teasers adjust the lines in your favor but reduce the payout
Should Professional Bettors Use Teasers?
Professional bettors generally avoid teasers unless the math strongly favors the bet. An example of a rare +EV teaser is the Wong Teaser, which involves teasing NFL spreads through key numbers like 3 and 7. These opportunities require sharp analysis and aren’t common.
Many Sportsbooks payout the same amount on teasers, regardless of the juice on the spread of the line being teased.
This means that sharps can tease a juicy line (ex. -120), and get the same price as they would a -110 line or better. Combining this with the Wong method of crossing key numbers, while focusing on games with low totals, can be very profitable.
For most bettors, the increased fees and lower payouts make teasers less appealing than other types of wagers, such as straight bets.
Tips for Successful Teaser Betting
Target Key Numbers: Always look for spreads that can be teased through key numbers like 3 and 7 in football.
Limit the Number of Legs: Adding too many legs reduces your chances of winning. Stick to two-leg teasers for the best probability.
Shop for Odds: Different sportsbooks offer varying odds for teasers. Compare options to find the best deal.
Avoid Teasing Heavy Favorites: Large spreads, even when adjusted, often provide little added value.
Final Thoughts
Teaser bets offer flexibility and reduced risk compared to parlays, making them an appealing option for casual bettors. However, they come with significant limitations, including higher fees and reduced expected value. Professional bettors often avoid teasers unless the conditions, such as crossing key numbers, strongly favor the bet.
For casual bettors, teasers can add excitement and entertainment but should be approached with caution. They are best viewed as a fun addition to your betting strategy rather than a primary method for long-term success. Stick to selective use of teasers, and focus on straight bets for more consistent profitability.