The market price on a sporting event, known as “the line,” is well understood by many sports viewers who do not wager. One line, however, is a false representation of how betting markets operate. As they approach the closing number, lines are in motion and moving all over the place. A bettor can also purchase (or sell) points from the book. A teaser bet is one technique to achieve this.
Describe the teaser bet. How do they function? Are teasers wagerable, and if so, how? In this overview of teaser betting, we’ll cover all of that and more.
A teaser bet is what?
A teaser involves trading volume for points. The bettor must parlay two or more picks in exchange for purchasing a certain quantity of points.
Typically, the teaser requires the bettor to receive six points for each football game and four points for each basketball contest. In exchange, they are required to select at least two teams, which raises the likelihood that at least one leg of the wager would lose. Like a parlay wager, a teaser wager’s grade as a winner for the specified amount depends on the outcome of every leg.
Teasers often feature two teams, but some bookmakers permit up to 10 wagers per teaser.
Although it seems a little hard, it’s actually rather easy. Consider the Super Bowl from the previous year. According to Pro Football Reference, the final market consensus was Kansas City Chiefs -3 with an over/under of 54.5.
The following wager would be produced by teasing the Chiefs and the under:
- +3 Chiefs
- Under 48.5
- Since the game ended on 40, the under 48.5 wager did well, but the Chiefs +3 wager failed miserably as they were defeated 31-9. Given that the legs were tied at 1, this teaser was defeated.
Here are a few fictitious NFL Week 1 scenarios that we’ll discuss in greater detail later. The lines in the table below are from the DraftKings Sportsbook.
Example 1 of a teaser wager: Tampa Bay (-7.5) plus Indianapolis (+1.5)
A teaser could help you reach to a price where you feel comfortable betting on the 2021 Tampa Bay Buccaneers, even if you’re a little hesitant about laying -7.5 against Dallas in Week 1. Since you are receiving six points, the -7.5 becomes a -1.5 in this situation.
Perhaps you want to back the Indianapolis Colts at +1.5, but you want to fade the Seattle Seahawks. Once more, add six points to it to get a more comfier margin of +7.5.
Thus, the wager:
Indianapolis +7.5 and Tampa Bay -1.5
Teaser bets: should you use them?
As with most betting-related questions, “it depends” is the standard response.
Teasers are typically not a wise choice for the bettor. Similar to parlays, combining several bets into a single wager that requires them all to win only enhances the likelihood that the bookmaker will take your money. Your compensation for the compounding risk is insufficient.
However, there is a particular kind of two-team teaser that might result in wagers with positive expectation (+EV), known as a “Wong” teaser, after gambling author Stanford Wong.
They are restricted to the NFL. Compared to, example, college football, buying points has a higher value because of the sharpness of the markets and the generally competitive nature of NFL games. College markets have much lower levels of confidence. Paying for numbers therefore has less use.
Choosing the correct numbers for the correct games
Wong’s teasers center on buying crucial numbers. You should invest in three and seven in football because those are the most typical victory margins.
So, going back to the instances we discussed earlier, notice that the first one complies with these specifications. A teaser bettor purchased the numbers 2 through 7 for the Buccaneers. The bettor followed the identical procedure for the Colts, but used positive numbers rather than negative ones.
Football game margins commonly fall within this range, especially in the fiercely competitive NFL. Be aware that favorites should be laid at odds of 7.5 to 8.5 and underdogs should receive odds of 1.5 to 2.5 for regular teasers.
Even while buying these vital numbers all the time is undoubtedly the most crucial element, it’s not that straightforward. Also important are totals. In general, teasers are more valuable when the sum is lesser. Simply put, the points you purchase are more likely to be significant in low-scoring situations.
It goes without saying that the sportsbook permits you to sell points if you can buy them there. A “reverse teaser” or a “pleasing” is a parlay wager with two or more picks in which you “sell” the sportsbook six points.
It’s possible that the latter moniker derives from the fact that winning one makes you feel extremely happy. Or perhaps it comes from how happy the sportsbook employees are when you fire them.
In any case, payouts differ, but you should be aware going in that pleasers are extremely challenging to hit.
The opposing strategies from teaser bets automatically apply in terms of strategy. The odds of the handicap between the two teams being accurate increase with the sharpness of the market. Therefore, you stand to gain more from betting on sports like college football or basketball as opposed to the NFL.
If a leg pushes, what hapeens to my teaser bet?
The mechanics governing some teaser bets are unclear to many gamblers. Say, for example, that you teased the Patriots in example No. 2 above and they lost by three. What would happen?
Teasers are commonly treated like parlays in novels. In other words, they treat a push or cancelled game like a teaser with one fewer leg by simply dropping it off.
But it isn’t always the case. For instance, FanDuel’s conditions provide that if one leg pushes and the other wins, they will automatically cancel a two-team wager. For the applicable policy, review the terms and conditions of your sportsbook.
Rules that are pertinent to games that are postponed, moved, or cancelled may also be applicable. Once more, heed the house regulations of your sportsbook.