The sports betting odds for teaser bets are determined by the number of points by which each sports betting spread is moved and the number of teams included in the teaser. In order to better understand online sports betting with teasers it will be useful to consider a specific online sports betting. DDC Video 8 What is a teaser bet and how does it work? What are the pros and cons of playing a teaser bet? How is a teaser similar to a parlay?
A teaser is another type of wager available to bet on sports. A Teaser is not a straight bet, but is more similar to a parlay, but comes with much different odds and odds of winning. Often under-utilized, the. A teaser is designed to be just that, a tease. This type of bet offers the player the chance to effectively buy points, in exchange for pairing at least two bets together. Both bets must win (as in a parlay). A teaser bet is a group of straight bets (two or more) combined into one bet, where each individual line has been shifted to your favour by the number of points of the teaser. There are three main NFL.
This is part 1 of a two part analysis of teasers.
Part II.A Look at Advanced Teaser Strategy
Teasers are one of the many different ways to bet football. If you’re brand new to sports betting, as in never placed a bet, you should read the article I just linked you to as the information contained in this article here is quite advanced. For others, if simple math makes your head spin, note that I touch on teasers in my simple to follow article on football betting systems. For anyone ready to learn, let’s dive into advanced teaser betting which is one the best ways to profit betting NFL football.
What is a Teaser Bet
A teaser bet is a parlay bet that uses modified point spreads. For example: a 2-team 6-point teaser on Giants -8.5 -110 and Patriots +4.5 -110 gives you Giants -2.5 and Patriots +10.5 as a parlay. The odds for 6-point teasers vary between bookies. To give an idea: 2-team 6-point teasers are generally offered at -110, 3-team 6-point teaser at +150 to +180 and 4-team 6-point teaser at +250 to +300. You’ll notice these pay less than standard parlays; this is because you have the added benefit of 6-points in your favor. In this article I’ll teach you everything required to make long term profits betting teasers.
Understanding the Odds
The first thing to understand about teasers is exactly what it is you are betting. Did you know a 2-team 6-point teaser at -110 is a parlay where each team is priced -262? Did you know a 3-team teaser at +180 is a parlay where each team is priced -244? If you’re already familiar with this math you can skip ahead; for those confused, allow me to illustrate this using simple math.
When betting at -110 we’re risking $1.10 to win $1.00, this means a successful bet returns $2.10 ($1.10 stake + $1.00 win). To calculate how often we need to win to break even, even when we use the formula risk/return = implied probability.
So here the math: 1.10/2.10=0.5238 (52.38%)
This tells us in a -110 teaser BOTH teams need to cover 52.38% of the time for us to break even. To see how often each team individually must win all we need to do is calculate the square root of 0.5238. You can do this via a root calculator (outside calculator); just enter 2 on the top field and 0.5238 in the bottom one. Doing this we see the answer is 0.7237 and this tells us each team must cover their point spread 72.37% to achieve the overall 52.38% required win rate. If we plug 72.37% into the implied probability field of our odds converter we see in American odds this is -262. This tells us is if we parlayed -262 with -262 the odds are -110. Therefore a 2-team 6-point teaser at -110 is a parlay with each team priced at -262.
Free Sports Betting Sites
Doing the math on a 3-team 6-point teaser +180: we start with $1.00 risked returns $2.80 ($1.00 stake + $1.80 win). So to calculate how often all three teams must win we take 1.00/2.80= 0.3571 (35.71%). This time we’re going to take the cubed root (3rd root) of 0.3571 because we’re dealing with 3 teams. Plugging this into a root calculator we see this solves to .7095 (70.95%). Once again using our odds converter we see 70.95% implied probability is -244 in American odds. So a parlay on -244, -244 and -244 pays +180. Therefore a 3-team 6-point teaser at +180 is a parlay where all teams are priced -244.
How to Beat Teasers
If you’re using 3-team 6-point +180 teasers you simply need to find a situation where teasing a point spread six points increases that teams expected win rate by 20.95%. Why? Because point spreads are a 50/50 proposition, and we’ve already determined in order to break even on 3-teams +180 teaser we need each team to win 70.95% of the time. 70.95%-50.00%=20.95%, so if a point spread is 20.95% more likely to cover when moved 6-points it is a +EV bet, if less than 20.95% it is a –EV wager and should be avoided. If we’re doing 2-team 6-point -110 teasers we need to increase the win rate by 72.37%-50.00%=23.37%. Hopefully this all makes sense! If not, reread it and keep in mind the math involved here is very simple.
Basic Strategy
Teasers were originally designed as a method to extract more money from recreational punters; however, along the way sharp sports bettors soon realized that with simple math and careful selection betting teasers can be quite profitable. Although the concept Basic Strategy Teasers has been around since the 1980’s, it was 2001 book by Stanford Wong titled “Sharp Sports Betting” that introduced this concept to the masses. Basic Strategy is based on the fact that almost 25% of NFL games are decided by either 3 or 7 points and around 38% of all NFL games are decided by 3 to 7 points. There are no other margins of victory close to these figures. Therefore simple logic tells us teasers that fully cross the 3 and the 7 at the best possible odds are the highest value of all teasers. This is called Basic Strategy or in some circles Wong Teasers.
To put this into a betting system, basic strategy is to tease underdogs +1.5 to +2.5 and favorites -7.5 to -8.5 in 6-point teasers. Basic strategy also states the best odds possible are required. As illustrated in the first section of this article 3-team 6-point teasers at +180 have better odds per team than 2-team 6-point teasers at -110. Therefore if on a given week there are 3 point spreads matching basic strategy criteria, 3-team teasers are a far better option than 2-team teasers.
Some Points about Basic Strategy
- Basic Strategy Teasers are very often +EV, but this is not always the case. The logic behind them only shows they are the best blind subset to wager on, nowhere does that logic quantify their profitability.
- It is important to check multiple online sportsbooks to confirm point spread you’re about to tease truly are +1.5 to +2.5 or -7.5 to -8.5. If your sportsbook list the line as -7.5, but one, two, or several others have the same team at -7, this should not be considered a basic strategy teaser.
- Basic Strategy refers only to NFL football. Despite belief to the contrary, there are in fact profitable college football teasers. To find these you need to understand advanced teaser strategy covered later in this article.
Best Betting Sites for Teasers
Prior to getting into advanced teaser strategy it is important to understand, punters who are beating teasers are doing so using lots of simple math and value shopping multiple online sportsbooks. A mistake novice bettors often make is to focus only on best teaser odds, meaning they want 3-team +180 not 3-team +170. However, what if there is 3 point spreads all +1.5 at every sportsbook (in other words the consensus line is +1.5 for each), yet one sportsbook that offered only +170 had these all priced at +3 -135? In case you’re not aware, the price such as -110 in +1.5 and -130 in +3 makes no difference to teaser payouts. Each site has “fixed odds” for teaser, so teasing +1.5 -110 to +7.5 or teasing +3 -130 to +9 results in the same payout. Generally speaking it’s important to get +180 on 3-team 6-point teasers however it is not the end all. If you understand advanced teaser strategy all things need to be considered to determine which option is best.
More to this point: 5Dimes.eu is well known for offering the best teaser odds overall, however they shade their lines in such as way it cost more to cross the 3 and the 7. Examples of how they accomplish this: say a team should be a -8.5 point favorite, 5Dimes might list them as -10.5 +130, or if a team is a +2.5 underdog 5Dimes might list them at +1 -125. On the point spread their expectation is the same; 5Dimes does this only to make it tougher to beat teasers. So although 5Dimes offers the best teaser odds, the value is often less than expected.
Again I must emphasize it is very important to use as many betting sites, bookies and sports books as possible when betting teasers. However, the site I find has the largest value the most often is www.bovada.lv. These guys offer 3-team 6-point teasers at +180, which is somewhat scarce these days. For example Intertops offers these at +170, Bookmaker at +160 and BetOnline at +150. Additionally, Bovada rarely shades their lines on -7.5 to -8.5 favorites, and often shades the lines on +1.5 to +2.5 underdogs to +3. So the one place they do shade the lines benefits teaser bettors. So while using multiple betting sites is important, opening an account at www.bovada.lv is an also near must for any serious teaser bettor.
Even websites with poor teaser odds often have +EV teasers. For example BetOnline.ag offers teaser odds so poor it’s almost a crime they’re allowed to do so. However, they also offer 2-team 7.5 point teasers at -140 which is an option not many sites offer. On rare occasions when there are two strong 10 point NFL favorites on the same week, this teaser option often has positive expected value. Another site Bookmaker.eu isn’t very competitive on most teaser options; however, they offer 4-team 6-point teasers at +300. This is quite impressive compared to BetOnline +250, Pinnacle +260, Carib +260 and Sportbet +280 on the same. The point I’m attempting to drill home in this section: understanding the intricacies of several online betting sites and then shopping point spreads in depth is a major key to profitable teaser betting.
Author & Professional: Jim Griffin
Copyright 2017
So the Green Bay Packers have been lined 7-point home favorites against the Chicago Bears. Since you lean toward the Cheeseheads to cover the game minus the points, why not better your chances of cashing a ticket by moving the point spread in your favor? In order to do that without buying points and paying a ton of extra vigorish, you can instead put Green Bay in a multiple team teaser and let the chips fall where they may. On top of that, you could possibly get paid out better odds depending on the number of events you insert into the teaser. Sounds great, right? Well, that’s exactly what brick and mortar and online sportsbooks want you to believe!
What is teasing in sports betting?
So exactly what is a teaser? In a nutshell, a teaser allows for the sports bettor to group a number of events into one parlay bet; you must wager on a minimum of two outcomes to officially place a teaser bet. In order to cash said teaser wager, all legs of the bet must cash in at the newly assigned point spread. Say for instance you place a three-team teaser on the Kansas City Chiefs, Las Vegas Raiders and Baltimore Ravens. Just like a traditional parlay, all three teams would need to come through for you to successfully win your bet. If only two of the three find their way to the winner’s circle, you unfortunately won’t be following them there as your bet would be deemed a loser.
Should one of your teased selections end up pushing, the bet would revert to the next lowest tier. For example, if you place a four-team teaser and three legs cash in while the last pushes, the bet would then become a three-team teaser with the push being removed from the overall wager. The payoff would also decrease from a four-team teaser to a three-team teaser.
This however isn’t the case with all sportsbooks; some have their own rules on how to decide the outcome of a pushed teaser leg. Three main scenarios exist. The wager is deemed a loss. The wager is deemed no action. The wager reverts to the next lowest tier. Make it a point to know your respective sportsbook’s MO before investing in a teaser. Always know the rules!
What’s the difference between teasers and parlays?
The major difference between teasers and traditional parlays is that you get to move the betting line in your favor. Teasers are only available when betting onfootball and basketball; both college and professional. Basketball teasers allow for moving the betting line 5.5-8 points in your favor. Football teasers allow for moving the betting line 6-10 points in your favor. But all sportsbooks aren’t the same in terms of their teaser offerings. Some might allow for moving the line even more, while others might be stricter with how much you can move the line.
Another area where books differ is the number of legs that you can enter into a teaser. Some might only allow for up to six teams while others might allow upward of 15 into a single wager. Every sportsbook is different. While adding a number of legs into a teaser offers up higher payouts, it also increases the risk of losing one of those legs and seeing the wager go up in smoke. Remember, any time a sportsbook requires you to be perfect to cash a bet at increased payoffs, the odds of doing so will be weighted heavily against you. This is why many in the industry deem teasers, and parlays for that matter, to be sucker bets. As attractive as +800 odds might look with seven teams locked into a teaser, it’s going to be incredibly tough to get each and every one of those legs home. Careful bankroll management is a must when dealing with any types of exotic bets. If not, you’ll be redepositing on a regular basis, and that’s not good for the bottom line.
Teaser betting odds explained
Even so, teasers continue to be one of the more popular types of wagers at sportsbooks, and it has everything to do with the increased odds and ability to move the point spread. Each teaser pays out according to the number of teams within the wager and how many points the betting line is moved. For instance, a three team 6-point football teaser will pay out much differently from a 10 team 6-point football teaser. All teaser scenarios pay out differently; there is no golden standard. Sportsbooks take it upon themselves to set the payoffs.
What Is Teasing In Betting
You can expect to lay juice on any two-team parlay whether of a football or basketball variety. It isn’t until that third team is thrown in the mix that positive odds start to figure into the payoff. Three-teamers offer up a +150 return, meaning a $100 wager would net $150 should all three legs successfully come through. Overall you’d be getting $250, which includes your initial stake. Four-teamers pay out in the neighborhood of +235, which would gross $335 including an original $100 wager. A five-teamer clocks in at +350, a six-teamer at +550 and a seven-teamer at +800. Keep in mind, those payoffs are only for 5.5-point basketball and 6-point football teasers. The odds decrease when bumping the teaser up to 6/6.5, 6.5/7 and so on.
What Does Teasing Mean In Betting
NFL teaser bet example
Just to make sure you understand what’s being discussed here, let’s drum up a scenario and see it all the way through. We’ll use a 6-point football teaser as an example. You’ve perused the week’s card and circled five teams that you believe will cover the single game spread. Along with placing traditional side wagers on those teams, you want to take a stab at accruing an even bigger payday and make it easier to do so by moving the point spread in your favor.
The five teams you select are the New England Patriots -8, Philadelphia Eagles +4, Los Angeles Rams -2, Miami Dolphins +9 and Minnesota Vikings +1. Installing these teams into a five-team teaser would see the betting lines turn into New England -2, Philadelphia +10, Los Angeles +4, Miami +15 and Minnesota +7. If all five of these teams manage to come within the newly established point spread, the bet would pay off at +350 for every $100 you wager. If four teams came in and one ended up pushing, the wager would revert to a four-team teaser and pay off at +235. If any of the legs failed to come through, you would lose your entire stake.
Are teaser bets worth it?
Here’s a piece of advice should teaser betting be something you’d like to take part in this upcoming football season. The five most popular spreads in football games are 3, 7, 10, 6 and 14. Crossing these key numbers is always an excellent positive expected value (+EV) move regardless of whether the wager wins or not. When doing so, the math is on your side, and that’s all a sports bettor can ask for when attempting to gain a rare edge on bookmakers. Simply following the numbers and ignoring the team names on both the fronts and backs of jerseys is one of the most important aspects of being a successful sports handicapper and bettor. Another piece of advice would be to avoid 8-point NBA and 10-point NFL teasers — they’re fool’s gold!