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A teaser is a special form of a parlay, where you are making one bet on multiple outcomes. In this case, the house “teases” you with the option of adding points to your spreads in exchange for lower parlay odds. Most books will allow you to tease a football game 6, 6 or 7 points (basketball is usually 4, 4 or 5 points). Instead of taking Detroit as a 4 point underdog against Chicago, you can tease them to get 10, 11 or 11 points. At the good sports book, you can the following teaser payout odds:
Teaser Size 6 points 6.5 points 7 points 2-Team 10:11 10:12 10:13 3-Team 1.8:1 1.6:1 1.4:1 4-Team 3:1 2.5:1 2:1 5-Team 4.5:1 4:1 3.5:1 6-Team 6:1 5.5:1 5:1 7-Team 10:1 9:1 8:1 8-Team 15:1 12:1 10:1 9-Team 20:1 15:1 12:1 10-Team 25:1 10:1 15:1 11-Team 35:1 25:1 20:1 12-Team 50:1 35:1 25:1 13-Team 75:1 50:1 35:1 14-Team 100:1 75:1 50:1 15-Team 150:1 100:1 75:1Some sports books will also offer straight-up teasers, where they allow the player to add even more points, but drop the payouts to even money. For example, a 2-team football teaser will usually allow the bettor to adjust each line in the wager by 7 points. A 3-team football bet can usually be teased 10 or 10.5 points. Straight teasers are usually limited to 5 or 6 wagers.
As with parlays, the house takes a vig by offering lower odds than is mathematically the case. It is not as easy to calculate a teaser vig as it is a parlay vig, but as with all exotic bets, the vig is almost always greater than the 10% offered in a straight line bet.
A teaser is a special form of a parlay, where you are making one bet on multiple outcomes