Last time, we discussed the differences between spread and moneyline bets in sports betting. In this guide, we will introduce parlays and teasers to explain how bettors can increase their payouts when feeling very confident in multiple bets.
Understanding the Parlay
Parlays allow a bettor to combine multiple outcomes into a single wager. This is attractive in sports betting when a bettor is confident that multiple bets will hit and they want to increase their potential winnings. However, if one of the bets in the combination loses, the entire parlay loses. So, higher reward requires increased risk. Parlays can include a combination of spread bets, moneyline bets, over/unders, and more.
Let’s explain the risk and payout of a parlay through an example. A bettor is confident in two separate bets that both have odds of -110 (risk $110 to win $100). If the bettor takes these two bets individually and places $100 on each (a total risk of $200), the maximum payout will be $382. However, if the bettor decides to combine these bets into a parlay and places $100 on the parlay, the maximum payout will be $365. In the parlay scenario, the total risk decreases from $200 to $100 and the payout remains nearly the same. A parlay rewards the bettor for taking on more risk with a higher potential payout.
Understanding the Teaser
Teasers are a type of parlay that allows a bettor to customize a spread or over/under bet. The most common teaser involves a bettor adjusting a spread in their favor while sacrificing some of the potential payout. Let’s show an example.
A bettor would like to create a two-team parlay with the following teams:
The Colts, favored by 6.5 points
The Patriots, favored by 8.5 points
Instead of opting for a regular parlay, the bettor chooses to tease the spreads. The bettor will be given the option of teasing the spreads by 6.0, 6.5, or 7 points. If he chooses to tease both spreads by 6 points, the new spreads will be:
Colts favored by 0.5 point
Patriots favored by 2.5 points
Of course, the potential payout of the teaser will be less than the regular parlay.
Now that you have knowledge of parlays and teasers, take your shot at an 8-outcome parlay to win $1,000 in the Action 247 Titan Up contest. Free to play, as always.