A Complete Guide to Basketball Parlays and Teasers
Key Takeaways:
- Parlay bets combine multiple wagers into one, offering higher payouts but requiring all bets to win.
- Teaser bets allow you to adjust the point spread in your favor but come with lower payouts.
- Understanding payout structures and betting strategies is essential for maximizing success.
What Are Basketball Parlays?
A parlay bet is a single wager that links multiple individual bets (called “legs”) together. For the parlay to be successful, every bet within it must be correct—if even one bet loses, the entire parlay fails. The advantage? The potential payouts are significantly higher than placing individual bets.
For example, let’s say you bet on:
- Lakers -5.5
- Bulls +3.5
- Warriors -7
If all three teams cover the spread, your parlay wins. But if just one of them fails to cover, you lose the entire bet. The risk is higher, but so is the reward.
Standard Parlay Payouts
Below is a general payout structure for basketball parlays based on standard -110 odds:
| Teams in Parlay | Payout Odds |
|---|---|
| 2 teams | +260 (2.6 to 1) |
| 3 teams | +600 (6 to 1) |
| 4 teams | +1000 (10 to 1) |
| 5 teams | +2000 (20 to 1) |
| 6 teams | +4000 (40 to 1) |
| 7 teams | +7500 (75 to 1) |
| 8 teams | +10000 (100 to 1) |
While the payouts increase as more bets are added, so does the difficulty of winning. Some sportsbooks may offer slightly different odds depending on the individual bet lines.
What Are Basketball Teasers?
A teaser bet is similar to a parlay but with one major difference—you can adjust the point spread or total in your favor. In exchange for this advantage, teaser payouts are lower than standard parlays.
For example, if the original odds for a game are:
- Team A +4.5 (-110)
- Team B -4.5 (-110)
- Total: Over/Under 194.5 (-110)
A 4.5-point teaser would adjust these lines to:
- Team A +9 (-110)
- Team B Pick’em (-110)
- New Total: Over 190 / Under 199 (-110)
This adjustment makes the bet easier to win, but like a parlay, all selections must still be correct for the wager to cash out.
Basic Teaser Payouts (4.5-Point Teasers)
| Teams in Teaser | Payout Odds |
|---|---|
| 2 teams | -110 |
| 3 teams | +170 |
| 4 teams | +300 |
| 5 teams | +450 |
| 6 teams | +700 |
| 7 teams | +800 |
| 8 teams | +1000 |
Payouts vary depending on how many points you adjust the spread. Most sportsbooks offer 4, 4.5, and 5-point teasers, each with slightly different odds.
Special Teasers: More Points, Lower Payouts
Some sportsbooks offer Special Teasers, where bettors receive extra points in exchange for reduced payouts.
| Teaser Type | Teams | Odds |
|---|---|---|
| 7-Point Teaser | 3 teams | -120 |
| 9-Point Teaser | 4 teams | -130 |
For example, in a 3-team, 7-point teaser, a favorite that was originally -7 would move to Pick’em, making the bet significantly easier to win. However, since the bet is safer, the payout is reduced.
Parlays vs. Teasers: Which Should You Choose?
| Factor | Parlay | Teaser |
|---|---|---|
| Risk Level | High – All bets must win | Moderate – Adjusted spreads help |
| Payouts | Higher | Lower (due to spread adjustment) |
| Best For | Bettors seeking big payouts | Bettors wanting more safety |
- If you’re confident in your picks covering the original spread, a parlay offers bigger rewards.
- If you’d rather increase your chances of winning, a teaser is a safer alternative.
Smart Strategies for Betting Parlays and Teasers
1. Keep Parlays Small (2-3 Teams Max)
The more bets you add, the harder it is to win. A 2-team parlay pays +260, which is still a solid return without excessive risk.
2. Use Teasers for Close Spreads
Teasers work best when they move a spread through key numbers like +3, -3, +7, or -7.
For example:
- A favorite at -7.5 teased down to -3 provides much better value.
3. Shop for the Best Odds
Different sportsbooks may offer slightly different payouts on parlays and teasers.
Comparing odds before placing your bet can maximize your returns.
4. Manage Your Bankroll Wisely
Since parlays and teasers carry higher risk, they should only make up a small portion of your overall betting strategy.
A good rule of thumb:
- Limit parlay and teaser wagers to 1-5% of your total bankroll.
| % of Bankroll | Risk Level |
|---|---|
| 1% | Low risk, conservative |
| 5% | Moderate risk, confident bet |
If you have a $1,000 bankroll, your maximum parlay or teaser bet should be $50 or less.
5. Consider Betting Against the Public
Public bettors often favor favorites and overs, which can inflate lines.
If you find underdogs or unders with good value, you can increase your long-term success.
Final Thoughts: Which Bet Is Right for You?
- If you’re looking for high payouts and are comfortable with risk, parlays might be the right choice.
- If you want better odds of winning and don’t mind slightly lower payouts, teasers offer a safer alternative.
Regardless of which option you choose, having a solid strategy and managing your bankroll effectively is key.
If you’re new to parlays and teasers:
- Start small
- Learn how the odds work
- Bet responsibly
Before placing your next basketball bet, ask yourself:
Do I want the thrill of a high-risk parlay, or the safety of a teaser?
Whichever you choose—bet smart, stay disciplined, and enjoy the game!