A parlay ties two or more bets into one ticket that pays only if every leg wins, in exchange for a much bigger payout than the single bets. A teaser is a parlay where you move the point spread or total in your favor on every leg, and accept a smaller payout for those extra points. Both are popular because they turn a small stake into a larger return, and both carry a higher house edge than straight bets.
How parlays work
A standard parlay can combine point spreads, totals and money lines, and most sportsbooks let you mix games and sports on one ticket. Every leg must win. One loss and the whole parlay loses.
If a leg pushes or is voided, for example because a game is postponed, most books remove that leg and pay the parlay as if it had one fewer selection. A three-team parlay with two wins and a push pays as a two-team parlay. A two-team parlay with one push settles as a straight bet on the other game. Always check your sportsbook’s house rules, since a few products grade pushes differently.
Parlay payouts at -110 odds
Regulated sportsbooks price most parlays by multiplying the decimal odds of each leg. With every leg at the standard -110, a $100 parlay pays the following profit:
| Legs | Profit on $100 | Approximate odds |
|---|---|---|
| 2 | $264 | +264 |
| 3 | $596 | +596 |
| 4 | $1,228 | +1228 |
| 5 | $2,436 | +2436 |
| 6 | $4,741 | +4741 |
| 7 | $9,142 | +9142 |
| 8 | $17,545 | +17545 |
| 9 | $33,585 | +33585 |
| 10 | $64,208 | +64208 |
Money line legs are priced the same way, so a parlay with favorites pays less and one with underdogs pays more. The payout grows quickly, but so does the chance of losing: the book keeps its margin on every leg, and those margins stack.
Same game parlays
A same game parlay combines several bets from one game, such as a side, a total and player props. Because the outcomes are linked (a big game from a quarterback and the over often go together), books limit which legs can be combined and price the ticket below what multiplying the odds would give you.
Parlay cards
Some retail sportsbooks, including books in Las Vegas, still offer printed parlay cards. Instead of calculated odds, a card lists fixed payouts and fixed lines for the week. The card’s rules spell out how ties and cancelled games are graded. Some cards count a tie as a win, half-point cards set every line at a half point so no game can push, and on some cards a game that is not played drops the card to the next lowest number of picks. Fixed card payouts are usually lower than the true odds, so read the payout table before you play one.
How teasers work
A teaser is a parlay where every leg gets the same number of extra points. In football, a 6-point teaser turns a 7.5-point favorite into a 1.5-point favorite, or a 2.5-point underdog into an 8.5-point underdog. Totals can be teased too, where the book allows it. Teasers are built from games in one sport.
The most common options are:
- Football: 6, 6.5 and 7 points, with some books offering larger teasers that need more legs.
- Basketball: usually 4 to 5 points.
How pushes are graded varies. Some books drop the pushed leg and reprice the ticket, while others grade any teaser with a push as a loss. Check the rules before you bet.
Teaser payouts
Teaser prices differ from book to book and change over time. These are typical prices for football teasers at a major regulated US sportsbook:
| Teams | 6 points | 7 points |
|---|---|---|
| 2 | -120 | -140 |
| 3 | +160 | +130 |
| 4 | +260 | +200 |
| 5 | +400 | +320 |
Across the large US books, two-team 6-point teasers have generally ranged from about -120 to -135. A few books price teasers dynamically from their alternate spreads instead of a fixed chart. Shopping for the best price matters more on teasers than on almost any other bet.
Teaser strategy: key numbers
In the NFL, many games are decided by 3 or 7 points. The best-known teaser approach, often called the Wong teaser after author Stanford Wong, uses 6-point, two-team teasers that move a line through both of those numbers: favorites of -7.5 to -8.5 down to -1.5 to -2.5, and underdogs of +1.5 to +2.5 up to +7.5 to +8.5. Teasers that do not cross 3 and 7, or that cross zero, give away most of the value of the extra points. Larger teasers of 10 points or more rarely make sense on price.
Learn more about betting on the NFL and college games in our football betting guide.
Parlays and teasers FAQ
What happens if one leg of a parlay pushes?
At most sportsbooks the pushed leg is removed and the parlay pays at the odds of the remaining legs.
What does a two-team parlay pay?
With both legs at -110, a two-team parlay pays about +264, or $264 profit on a $100 bet.
Can a teaser include different sports?
Teasers are built from games in one sport. Parlays, by contrast, can usually mix sports.
What is the most common teaser?
The two-team, 6-point football teaser.
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