Question: What are teasers and how do they work?
Answer: In last week’s article, we covered what prop bets mean; prior to that we covered “against the spread”, “moneyline”, -110/+110/even money, and over/under. The listed odds will govern a winning payout by a sportsbook. Moneylines will always list the odds for a given contest. To know how much a winning bet pays, look at the line; often it is -110, +110, or even money. Even money doubles a winning bet, -110 wins 90% of the bet, and +110 wins 110% of the bet. A wager placed against the spread may not always list the odds. Over/under looks at the combined total of points, or goals, scored by the participating teams. Prop bets are wagers that do not affect the outcome of the sporting event.
Courtesy of our friends over at Sportsbook.ag, we’ll provide an example.
Teasers allow the individual to change the point spread. Generally, teasers come in anywhere from a 4 to 7 point variety; occasionally, there will be 10 point teasers. They result in a decreased payout for the bettor and require the bettor to parlay multiple events. A parlay, which will be covered in a few weeks, is when a sports bettor places two or more events on the same ticket – the sports bettor needs all events on the ticket to win in order to win any money.
Note the point spreads for the college basketball games – Seton Hall is a 9-point favorite, Georgia State is a 4-point favorite, Kent State is a 4-point favorite, and Central Michigan is a 4-point favorite. Let’s say you like Seton Hall to win, but by less than nine. Assuming you like one or more additional games, you can lower the point spread to your benefit – it increases the chances the bet will be a winning one, but lowers the payout. The example listed above is a 7-point teaser. That is, a team’s point spread is moved by 7-points, to your benefit. For example, if you were selecting St. John’s, they would move from a 9-point underdog to a 16-point underdog. By contrast, if betting Seton Hall, Seton Hall would move from a 9-point favorite to a 2-point favorite. If betting Kent State, they would move from a 4-point favorite to a 3-point underdog.
Remember that a normal payout is -110, that is, a $11.10 wager results in $10.00, for a total of $21.10. Note with the example above, you have to win all three bets to win $9.25, for a total of $20.35. A better point spread, but a lower amount returned.
Not all betting establishments offer parlays, check to make sure. A “push”, or no action” on any event means that line is eliminated from the teaser, thus lowering the payout.
Other notes related to teasers:
- How do I place a teaser in Las Vegas?: If you were placing a teaser in Las Vegas, the proper way to place the bet is by the identifying number. You do NOT approach the bookmaker and say “Teaser with Seton Hall, Kent State, and Georgia State”; instead, say “7-point teaser with 722, 725, and 728”, remembering that 722 is the unique identifier for Seton Hall, 725 for Georgia State, and 728 for Kent State. Two things: (1) The unique identifier may be different from sportsbook-to-sportsbook, do NOT assume that they are the same; (2) The minimum sports bet at Las Vegas casinos varies, from $5-$10 a contest. Consult your sportsbook for exact minimums and maximums. Not all contests will have a moneyline available. Most contests where the spread is high, a sportsbook will not allow a moneyline wager.
- When can I collect my winnings?: Depending on the sportsbook, contests are collectable once a final result is posted. If you are placing a sports wager, other than online, you may be able to mail in a winning ticket. Consult the sportsbook of your choice as to whether that method is available.
- What if the game goes into overtime?: Remember that a contest generally includes overtime. So if the team you bet on wins, in overtime, you win. If that team loses, you lose. Note that over/under wagers generally include overtime. Consult the sportsbook of your choice for their rules.
- When does a contest go final?: It depends on the sportsbook and what sport you are wagering on. In baseball, a contest is considered final once a team wins, obviously. If however, the game needs to be shortened, it is considered final after at least five completed innings have been played, and where one of the teams is leading. Where an inning has not been completed or where the score is tied, in the case of baseball, the event will be suspended (picked up where it was left off) or cancelled (the event will start over from the beginning, but wagers placed on the original contest will be refunded). Consult the sportsbook of your choice for their rules.
- The moneyline changed since I placed by wager, what happens?: NOTE: Whatever your ticket says is the moneyline for the contest matters! Do NOT refer to a different moneyline. Generally, you may not cancel and re-bet in order to gain the benefit of the more favorable spread. By contrast, a less favorable line that occurs after the placing of a wager does not affect your wager.
- I want to wager on a game, but I don’t see it as being available: Not all games will be available to bet on. Sportsbooks pick the contests that are likely to have the most action. Note that some sportsbooks will not accept bets on certain teams (The Palms will not accept bets on the NBA’s Sacramento Kings, because the Maloof family, owner of The Palms, owns the Kings; Harrah’s casinos will not accept bets on the NBA’s Boston Celtics because Harrah’s has an ownership interest in the Celtics).
- The game I wagered on says “refund” or is no longer on the board, what happens now?: Sometimes a sportsbook will remove a game which they had previously allowed bets on. This may occur due to an injury or some other concern. When this happens, sportsbooks will refund the amount wagered, and a new bet can be placed once the new odds are posted. Occasionally, a sportsbook will still honor the original bet; consult the sportsbook of your choice for their policy.
- I saw that The Palms Las Vegas had one set of odds listed, but Flamingo Las Vegas has a different set listed, will the Flamingo Las Vegas honor the odds listed at The Palms Las Vegas?: Sportsbooks may have various odds for a given game. Note that whatever sportsbook you place a wager at, those odds (which are listed on your ticket) govern the game. Generally, you cannot request different odds other than the ones that are posted.
Other questions related to “teasers” or another Sports Wagering question? Email us at email@example.com.