older article from pinnacle sportsbook---
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A common thread that I see on many gaming forums concerns the subject of teasers. One of the generally held misconceptions is that they are sucker bets to be avoided at all costs. I've been actively involved in bookmaking for over fifteen years and it's true that I've seen players make hundreds of thousands of dollars in teaser plays when they don't know what they're buying. Part of the problem is the industry's fault - there are no consumer reports for teasers - so with that in mind, I thought I'd share my experience of teasers.
An NFL teaser is commonly a two team parlay where your chosen team gets six extra points added in your favor to its spread. So if Dallas was +2 and Pittsburgh was -7.5, your teaser wager would be a parlay on Dallas +8 and Pittsburgh -1.5. If you are betting at -110 (betting $110 to win $100), you need to win at least 52.4% of your teasers to break even. This is the same win percentage needed for to break even on normal sides bets when you lay -110 at a traditional sports book.
Since both of your selections need to win so that you can cash your ticket, each individual teaser team needs to cover 72.5% for you to break even (72.5% X 72.5% = 52.6%). So in exchange for those six extra points in your favor, when you buy a teaser you are raising your breakeven point from 52.4% to 72.5% on that one team. If you don't win that individual leg at least 20% more with those six points, don't bother teasing - you are buying something you don't need.
A common mistake I see with teasers is teasing a total. There is no total in the NFL or College that when teased six points, raises your win rate 20%. In general, teasing any total is a bad play. Fortunately one of the best ways to play a teaser is to play a spread that when teased, moves through the key numbers of 3 and 7. Teasing Dallas from +2 to +8 or Pittsburgh from -7.5 to -1.5 are two examples.
Another tool you can use in conjunction with teasers is Pinnacle Sports' "NFL Alternate High" and "NFL Alternate Low" lines. Due to our reduced juice pricing, these potentially allow you to guarantee a profit and hedge out of your position if you win the first leg of your teaser but have perhaps had a change of heart.
For instance, if you bet $100 on Dallas +8/Pittsburgh -1.5 and Dallas had already won, you could possibly bet $50 on Pittsburgh's opponent at +1.5 +250. With these lines unique to Pinnacle Sports, you can lock in a profit after the first leg of a teaser is played. You might even find situations where you can guarantee a profit no matter what the result - even before the first game kicks off - with a little line shopping.
