Teaser bets: When, where you should pay to tweak spread

By Jeff Haney

Wednesday, Aug. 12, 2009 | 2 a.m.

In a chapter on NFL teasers in his 2001 book “Sharp Sports Betting,” author Stanford Wong makes a compelling case that certain forms of football teasers are “playable” while others should be avoided, depending on the odds offered by the casino.

A teaser, as succinctly defined by Wong, is a form of a parlay in which each team is given extra points against the spread. How many extra points, and how far the odds are adjusted in exchange for those extra points, depends on the type of teaser — and which casino is offering it.

Of course, as with standard parlays, both teams must win against the spread for the bet to be successful. Typically in Las Vegas if one team in a two-team football teaser “pushes,” or ties against the spread, the wager is considered a push and money is refunded regardless of the outcome of the second game.

Wong concludes that two-team, 6-point NFL teasers (meaning each team in the teaser is awarded 6 extra points in the spread) are worthwhile in certain situations.

First, the bettor must “capture,” or cross, the key numbers of 3 and 7 in both games in the teaser. That could entail, for instance, teasing an underdog from plus 2 points to plus 8 points in one game, and teasing a favorite from minus 7 1/2 to minus 1 1/2 in the other game.

Second, the bettor should find the best odds possible. Laying minus 110 (risk $1.10 to net $1) on two-team, 6-point NFL teasers — the best price currently available in Las Vegas — is acceptable, according to Wong.

Since the publication of the book, this particular form of a teaser has come to be known in some circles as “Wong teasers.”

As is the case with any “how-to” gambling manual, bettors should be encouraged to tweak Wong’s conclusions on teasers, if they feel the need, by incorporating their own research. But certainly Wong’s treatise is an excellent start.

A price of even money on two-team, 6-point NFL “Wong teasers” can no longer be found in Las Vegas, though it was available at several casinos in the not-too-distant past. A price of minus 110 — solid, according to Wong — is on the board at the M Resort, the Stratosphere/Arizona Charlie’s properties and Wynn Las Vegas.

A price of minus 120 on that form of a teaser appears to be the new Las Vegas standard, offered at numerous sports books including Boyd/Coast properties, Harrah’s properties, Leroy’s, Lucky’s, the Palms, MGM Mirage properties, Planet Hollywood, Poker Palace, South Point/El Cortez, Station Casinos properties and the Venetian.

Several books — including the Cal-Neva properties, the Golden Nugget and Jerry’s Nugget — do not accept wagers on this form of teaser at all. The Las Vegas Hilton charges minus 130 on this kind of teaser. The Hilton is a regular stop on the itinerary of many sports bettors for a lot of strong reasons — but obviously not for two-team, 6-point NFL teasers.

The best price on two-team, 6 1/2-point NFL teasers is minus 120, available at several properties including the M Resort, the Stratosphere properties and the Wynn. Wong’s research concludes minus 120 is an acceptable price.

As many as six teams can be played in a single teaser according to typical offerings in Las Vegas, but at some point beyond three-teamers you’re leaving the realm of sports betting and entering the land of carnival games.

No “one-team teasers” are offered as a regular option in Las Vegas, but propositions that essentially act as one-team teasers can be found at some sports books on big games such as Monday night matchups, playoff games and of course the Super Bowl.

Some sports books offer separate odds on college football teasers. Bettors who like to play two-team, 6-point teasers at even money in college football can find that price at several properties including Boyd/Coast, the Hilton, South Point/El Cortez and the Stratosphere properties. Cal-Neva and Leroy’s offer a special three-team, 10-point teaser in college football at a price of minus 120.