What Are Parlays and Teasers?
Written by: Daniel Collins
Published: Mon Sep 02, 2024, 3:31 pm ET
Read Time: 6 minutes
On top of having so many different types of odds and bets that you can make when looking to place a wager on a sporting event, there are also opportunities to combine two or more of these bets in a way that pays you even more money. These bets are called parlays and teasers.
They are riskier as they require the outcome of more than one event to go in your favor in order to be a winner, but the payout is worth it for many gamblers.
Let's break down each of these bets for you, so you understand exactly how each of these bets work and the different places you can bet them.
What Are Parlays?
As we mentioned, the majority of betting on sports happens on an individual bet basis.
Whether it is a total, a money line or a point spread, straight bets (betting on one outcome) is the safest of the bets you can make.
Now, if you think you have a bet that is very likely to hit, you may want to consider combining bets into what is called a Parlay.
There are also same-game parlays, which are also known as SGPs. SGPs combine different outcomes all from the same game.
Almost every sports betting site in the world offers parlay bets – especially considering how lucrative they are for the house.
Regardless, we still think there is some value in a parlay bet, especially if you put the right pieces together to craft a great valued parlay.
How do You Build a Parlay?
How a parlay works is pretty simple – you select two or more outcomes and combine them together for a more attractive set of odds on winning the entire group of bets.
Depending on the odds and the style of bet you are trying to parlay, your payout will differ, but ultimately the more games you put into a parlay, the better your payout becomes.
Most sites have a limit on the number of games that can be parlayed together, as the mathematics make it too risky for a site to potentially lose the bet.
Now, the risk with a parlay is, of course, you have to hit every leg of the parlay to win the bet.
If you lose even one game, then the entire bet is considered a loss.
In rare instances, there may be one of the bets that is a push.
In that case, you will need to refer to the individual site's terms and conditions to determine what happens to your bet.
Some sites simply cancel out that bet, turning your parlay into one featuring one less team, while others make the entire parlay a push. We like to err on the side of sites that knock the tie off the parlay as that still rewards you for winning the other parts of the bet.
One more thing to note about parlays – parlays are more for entertainment value. While the odds on a parlay are very enticing and full of excellent opportunity, the more legs you add, the more likely they are to not hit.
Parlays are fun, no doubt, but are hard to hit consistently. Keep that in mind with how much you invest on parlay betting.
What Are Teasers?
For basketball and football bettors, there is another type of combination bet that you can make called a teaser.
While parlays can involve a variety of sports, teasers focus on the NFL, NBA, college football, and college basketball.
In teaser bets, you still have to select more than one game, and it must be based on the point spread or the total of the games in play. We will use football as an example here.
Let's say there are three games that you want to bet on the spread:
- New England -7.5 over Miami
- Green Bay -5 over Denver
- Dallas +6.5 against Minnesota
If you are interested in the three picks above, you have the option of betting a 6-, 6.5- or 7-point teaser on the games.
The lines are adjusted based on the teaser you have chosen. We'll use 6 points as the example here, with the new odds becoming:
- New England -1.5 over Miami
- Green Bay +1 vs. Denver
- Dallas + 13.5 against Minnesota
As you can see, your chances of winning those bets have improved with the points added.
As a result of taking those points, you must combine all three of the bets. At many sports betting sites, your payout will be +150. This price can vary, however, so it is important to shop around to find the best teaser odds for the sport you are looking to bet.
The same risks are involved in teaser betting as there are in parlay betting, as you need all the games to be correct to be a winner.
However, this type of bet is one where you are trying to guarantee yourself success by adding points to the side of the game you want to bet on.
Best Betting Sites for Parlays and Teasers
If you like to bet on NFL or NBA games, your preferred sportsbook(s) likely offers both parlays and teasers.
Here are some sports betting sites that we recommend using for parlays and teasers:
If you are unfamiliar with any of these betting sites, check out our sportsbook reviews to learn more about them.
Always Gamble Responsibly
As a whole, we like the idea of parlays and teasers to have some extra fun while wagering.
We would recommend starting conservatively with these combination bets, perhaps limiting yourself to two or three teams at a time to start.
As with all gambling, we encourage you to bet within your means and not to find yourself in a bad financial predicament as a result of your gambling.
Sports betting can be very entertaining and enhance your viewing experience, but knowing your limits and playing within them can maintain the enjoyment for the long term.
Other Sports Betting Information
Did you find our guide to parlays and teasers helpful? Along with the daily sports betting news and views we offer, we also provide many guides that break down the basics of sports betting. That includes how to bet on specific sports, leagues, and events, types of bets (such as parlays, teasers, prop bets, or futures bets), betting strategies and terms, and more.
Here are some of the other betting guides you can find at Betting News:
- NFL Betting Guide
- NBA Betting Guide
- MLB Betting Guide
- NHL Betting Guide
- College Football Betting Guide
- College Basketball Betting Guide
- WNBA Betting Guide
- NASCAR Betting Guide
- Super Bowl Betting Guide
- Over/Under Betting Explained
- When Should You Hedge Your Bets?
- How to Read Sports Betting Odds
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