Sports betting offers a variety of wagering options to keep things exciting and potentially profitable for bettors. Two popular types of bets are parlays and teasers. While both involve combining multiple bets into one, they have distinct differences in terms of risk, reward, and strategy. Here’s a comprehensive look at what sets parlay wagers apart from teaser wagers in sports betting.
While we recommend sticking to straight wagers, parlay and teaser bets have their place. They can be fun and exciting! However, they almost always offer more margin and handle for a Sportsbook. Sportsbooks are going to be more inclined to take bigger parlay and teaser wagers because they’re more confident the parlay and teaser will lose.
What is a Parlay Wager?
A parlay wager is a single bet that links together two or more individual wagers. For the parlay to win, every one of the individual wagers must win. Here are the main characteristics of a parlay bet:
- High Risk, High Reward: Since all selections in the parlay must win, the risk is higher compared to single bets. However, the potential payout is significantly larger because the odds of each individual bet are multiplied together.
- Multiple Events: You can include multiple types of bets within a parlay, such as money line, point spread, or totals (over/under) bets across different games or events.
- Flexibility: Bettors can mix bets from different sports and leagues in a single parlay, offering a wide range of combinations and strategies.
What is a Teaser Wager?
A teaser wager, while similar to a parlay in that it involves multiple bets, allows bettors to adjust the point spread or totals line in their favor. This adjustment reduces the potential payout but increases the chances of winning. Here are the main features of a teaser bet:
- Lower Risk, Lower Reward: By adjusting the lines, teasers reduce the overall risk compared to parlays. However, this also means the payouts are lower because the bettor is making the bets easier to win.
- Fixed Adjustment: The most common teasers are 6, 6.5, or 7 points for football and 4, 4.5, or 5 points for basketball. This means you can move the point spread or total by the chosen amount in your favor for all selections in the teaser.
- Multiple Events Required: Like parlays, teasers require multiple bets (typically at least two) to be combined. All selections must win for the teaser bet to cash.
Key Differences Between Parlay and Teaser Wagers
- Payouts: Parlays offer higher potential payouts because of the higher risk associated with all selections needing to win without any adjustments to the lines. Teasers offer lower payouts as the point spread or totals are adjusted to make the bets easier to win.
- Risk: Parlay bets are riskier since there is no line adjustment and all bets must win. Teaser bets are less risky because the bettor can move the lines in their favor.
- Complexity: While both bets require multiple selections, parlays can involve a mix of different types of bets and sports, adding to their complexity. Teasers are generally more straightforward, focusing on adjusting spreads or totals.
- Betting Strategy: Parlays are often used by bettors looking for a big payout from a small wager due to the combined odds. Teasers are more strategic, used by bettors aiming to increase their chances of winning by adjusting the lines, accepting lower payouts for better odds of success.
Which Bet is Right for You?
Choosing between a parlay and a teaser depends on your betting style and risk tolerance. If you’re looking for a big payout and are willing to take on more risk, a parlay might be the way to go. However, if you prefer a more calculated approach with better odds of winning, even if it means a smaller payout, a teaser could be more suitable.
Understanding these differences can help you make more informed decisions and develop a betting strategy that aligns with your goals. Whether you choose a parlay or a teaser, always bet responsibly and enjoy the thrill of sports betting. Making better decisions is PARAMOUNT to sports betting success.
Keeping this in mind the next time you go to place a parlay or teaser will give you a better chance of success. While we recommend sticking to straight wagers, if you keep your parlay and teaser wagering to a minimum, it can be a fun way to enhance your sports betting experiences!