Definition
A teaser is a parlay where you move each point spread or total in your favor, but accept a lower payout in return. Every leg must still win for the teaser to cash.
In football, a common two-team teaser lets you move each line by 6 points. For example, you might move an underdog from +2.5 to +8.5 and a favorite from -8 to -2.
There is no universal teaser payout formula because sportsbooks set teaser prices. The payout math follows the posted odds:
Profit = Stake × (American odds / 100) for positive odds
Profit = Stake × (100 / absolute American odds) for negative odds
Worked Example
Suppose an NFL two-team 6-point teaser is priced at -120.
Original lines:
- Team A +2.5 at -110
- Team B -8 at -110
After teasing 6 points:
- Team A +8.5
- Team B -2
If you stake $120 at -120, the profit is:
$120 × (100 / 120) = $100
Total return is $220 if both teased legs win. If either leg loses, the teaser loses.
Why It Matters
Teasers help a bettor compare the value of moving through key football numbers, especially 3 and 7, against the reduced payout. The concept matters most when the improved lines are worth more than the price paid in lower odds.