What are Parlays and Teasers?

Daniel Collins

Written by: Daniel Collins

Last Updated:

Read Time: 5 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!


Parlay Example

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 as well, combining 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 – parlay 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.

Teaser Bets

For Basketball and Football bettors, there is another type of combination bet that you can make called a Teaser.

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, and the payout for you will be +150 at most sportsbooks.

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.

Always Gamble Responsibly

As a whole, we like the idea of parlay and teaser bets for players who want to have a bit of fun with their wagering account.

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.

Want to know More?

You can find out more about how to bet Parlays and live betting strategies on our Betting Show AFTERNOON BETSPRESSO on Twitch every Thursday and Saturday afternoon.

Our Social Media Head and Sports Writer Sweatpants Jesus and his co-host Professional Bettor Nick Zanghi go over the ins and outs of all the best SGPs you can make for the slate of games that day.

Go check out the show and go follow us on Twitter to find out more and be up to date with all the sports betting information and news you may need.

If you want to know more, here are lots of resources available to you on our site for all your betting needs!

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