Beginners’ Guide to Parlays and Teasers

This tutorial is designed for those starting out with no prior knowledge, and is intended to be clear and user-friendly. We’ve kept the language simple and the examples brief. Please gamble responsibly and only if you are of legal age (minimum 21+) in your jurisdiction. Always remember that playing poker involves a significant amount of risk, so if you feel uncomfortable, please consider stopping and seeking advice.

Key Takeaways

  • A parlay is one bet made of many picks (called “legs”). All legs must win, or the bet loses.
  • A teaser is like a parlay, but you move the spread or total in your favor. Because you “buy” points, the payout is lower.
  • Parlays can pay a lot, but the chance to win drops fast as you add more legs.
  • Teasers can help in football when you move through key numbers like 3 and 7, but only at a fair price.
  • House rules matter. Push rules, same-game limits, and teaser prices can change by sportsbook.
  • Bet small, set limits, and play only at legal, licensed books. If you need help, see NCPG or BeGambleAware.
  • What Is a Parlay?
  • What Is a Teaser?
  • Parlay vs Teaser
  • Payouts and Probability
  • Beginner Strategies and Mistakes
  • Where to Bet and Tools
  • Legal and Responsible Betting
  • FAQs
  • Glossary
  • Conclusion

What Is a Parlay?

A parlay is a single wager involving a combination of two or more selections (“legs”). The legs can include spreads, totals or moneylines. Each leg of the parlay must hit for the parlay itself to win. The failure of one leg to win will cause the parlay to lose. In some cases, one or more of the legs may push, meaning tie, in which case the sportsbook may remove those legs from the bet and leave the remaining legs intact or have some other result. Parlay betting rules may be different from sportsbook to sportsbook. So it’s a good idea to familiarize yourself with the rules before placing a bet. As examples, here are the rules at DraftKings, FanDuel and Caesars.

How does a parlay payout work? Each leg of the parlay has a separate set of odds, and those odds combine into a single parlay bet. In practical terms, you may think of the winnings for each leg of the parlay as the “price” for that leg. The sportsbook then multiplies the prices for all of the legs together into the overall payout for the wager. Because the multiplication compounds with each leg, the overall payout increases dramatically with each additional leg. However, the odds of the wager hitting decrease.

Simple example (3-leg parlay): you bet $10 on three spread legs, each at -110. In decimal, -110 is about 1.91. Multiply 1.91 × 1.91 × 1.91 ≈ 6.96. Your $10 returns about $69.60 if all three win. Profit is about $59.60. If any leg loses, you lose the $10. If one leg pushes, most books drop it, and your parlay becomes a 2-leg parlay. But check your book’s rules. What about same-game parlays (SGP)? Some books let you parlay legs from the same game. But they may block “correlated” legs (for example, team to win and the same team QB to throw 3 TDs) or change the price. Read the SGP rules in the app before you place the bet.

What about same-game parlays (SGP)? Some books let you parlay legs from the same game. But they may block “correlated” legs (for example, team to win and the same team QB to throw 3 TDs) or change the price. Read the SGP rules in the app before you place the bet.

What Is a Teaser?

Example (2-leg, 6-point NFL teaser): You like Team A -8 and Team B +1.5. With a 6-point teaser, the lines move to Team A -2 and Team B +7.5. These moves help a lot because they pass key numbers like 3 and 7 in football. A typical price for a 2-leg, 6-point NFL teaser is around -120 to -130 (it varies by book and week). At -120, you must risk $12 to win $10. If both legs win, your $12 returns $22.

Push rules for teasers are even more inconsistent than parlays. Some books treat a push as a reduction while others will result in a loss of the entire teaser on a push. Be aware of your book’s teaser push rules ahead of time for teasers. Teasers do not automatically become good bets just because it feels better. If you teaseteasers and price them incorrectly, then you have a bad bet.

Push rules for teasers vary even more than parlays. At some books, a push reduces the teaser; at others, a push can make the whole teaser a loss. Always check your book’s teaser rules before you bet.

Teasers are not magic. The price matters. If the price is too high, or you tease bad numbers, the bet can be poor even if it “feels safer.”

Parlay vs Teaser: Key Differences, Pros and Cons

  • Parlay pros: Bigger upside. You can mix markets (spreads, totals, moneylines). Often has cash-out.
  • Parlay cons: One miss kills the whole ticket. The house edge grows with each leg.
  • Teaser pros: You move lines to better numbers. In the NFL, moving through 3 and 7 can lower risk.
  • Teaser cons: You pay for those points. Bad price or bad numbers can erase the edge.
  • Limits: Books often block “correlated” legs and some same-game combos. Rules are different by book.

Payouts and Probability—The Math You Should Know

To begin, try these easy and worry-free instructions:

  • Odds formats: In the U.S., books show American odds like -110 or +150. You can read more here: American odds explained.
  • Implied chance: Odds show a chance (roughly). For -110, the break-even chance is about 52.4%. For +150, it’s about 40%. A guide: Implied probability.
  • Parlay math in words: Convert each leg to decimal odds, then multiply. The total shows your return per $1 (before stake). More legs mean a bigger return, but a lower chance to win.
  • Teaser price: More points cost more money. A 7-point teaser costs more than a 6-point teaser. Prices can change by week and book.
  • Expected value (EV): Think of EV like “Is the price fair?” If your true chance is better than the price says, the bet can be good. If not, it is bad. You can learn about EV in simple terms here: Expected value basics.
  • Line shopping: Different books show different lines and prices. A 5-cent better price can add up over time.

Beginner-Friendly Strategies and Common Mistakes

Stick to regulated books. The reasons are many – like documented policies, secure money, self-exclusion. And you can scan different book rules, frontend implementation, teaser odds etc and choose which brand works for you. A blog I think sharp and casual players will find practical is casino en ligne. It has an uncluttered listing of regulated books and concise ratings. It also shows book T&Cs, decimal/US odds, and customer service should be checked before registration. Read the book rules at your book before you bet. Popular list below:

  • Bet small. Use 0.5% to 1% of your bankroll per bet. If you have $500, one unit is $5.
  • Keep parlays short. Use 2–3 legs while you learn. Long-shots look fun, but variance is high.
  • Same-game parlays: Try small stakes. Many SGPs are highly correlated and priced higher by the book.
  • Teaser basics in NFL: Best when you move through 3 and 7. For example, -8 to -2, or +1.5 to +7.5. Avoid teasing totals in very high or very low ranges unless you know why.
  • College games can be wild. Be careful with teasers in college football where scoring swings are bigger.
  • Check push rules every time. Parlay and teaser push rules differ by book.
  • Check the price. A 2-leg, 6-point teaser at -120 can be OK in some spots; -140 often is too rich.
  • Skip bad numbers. Do not tease across 0, and do not tease if you do not pass 3 and 7 in NFL sides.
  • Promos with boosts can be fun, but always ask: would I make this bet at the base price?
  • Do not chase losses. Take breaks. Set time and deposit limits in your app.

Where to Bet and What Tools to Use

Use only legal, licensed sportsbooks. They have clear rules, safer payments, and tools to set limits. You can compare house rules, app quality, and teaser prices across brands. For a simple, independent scene of licensed options and user-friendly reviews, see casino en ligne. It also reminds you to check terms, odds formats, and support options before you sign up.

Before you place a ticket, read house rules at your book. Here are direct links:

  • DraftKings House Rules (parlays, teasers, pushes)
  • FanDuel Sportsbook Rules
  • Caesars Sportsbook House Rules

Play responsibly. If you find gambling boring and unentertaining, just quit. Use deposit limits, cool-off periods, self exclusion, and other tools. Need help? Visit:

  • American Gaming Association (Responsible Gaming)
  • UNLV Center for Gaming Research
  • UK Gambling Commission
  • New Jersey Division of Gaming Enforcement

Legal and Responsible Betting

Only bet where it is legal and regulated. You must be the legal age in your state or country (often 21+ in the U.S., 18+ in some places). You will need to pass ID checks (KYC). Laws change by place, so check local rules with your state regulator site or the AGA.

Set limits. Use deposit caps, time-outs, and self-exclusion if you need it. If gambling is not fun, stop. You can get help here:

  • National Council on Problem Gambling (U.S.)
  • BeGambleAware (UK)
  • GamCare (UK)

Taxes: In the U.S., gambling wins are taxable. Read the IRS guide: IRS Topic No. 419.

FAQs

How many legs can I put in a parlay?

In the NFL, if we tease through 3 and 7 at a good price (commonly about -120 for two legs), sometimes. If we tease bad numbers, or pay a high price, it s not worth it.

What happens if one leg pushes in a parlay or teaser?

A same-game parlay incorporates legs from the same game. Some combinations will be restricted by the bookmaker if the legs are highly correlated. Additionally, they may or may not adjust the odds.

Are teasers worth it?

In the United States, gambling winnings, including sports betting, are potentially taxable. So be judicious. Refer IRS Topic No. 419. For the rest of the world, please refer to your country's gambling and tax regulations.

What is a same-game parlay, and why do some legs get blocked?

Some books have a cash-out option for your active bets. The book will put a price on that option depending on where things stand. That price can be equal to or less than what you wagered, but it won’t always be fair value. Review your book’s rules on cash-out.

How are parlay winnings taxed?

In the U.S., all gambling wins can be taxable. Keep records. See IRS Topic No. 419. In other countries, check local rules.

Can I cash out a parlay or teaser early?

Remember, if you are going to have some fun with a parlay or a teaser, make sure you know all of the rules and that you are looking at the true cost. Avoid long parlays, be sure you are teasing through key numbers only, and only in football, make sure you are getting good value. Be aware of the house rules for pushes. And remember, you can always just go play blackjack! Only play with sportsbook licensed in the jurisdiction in which you are located. Use a betting limits spreadsheet as a tool to help you control your betting. Start with small accounts, keep your individual bet size small, and use good bankroll management. All content is for educational and entertainment purposes only. Only make bets you can afford to lose. Only place wagers legally where you are physically present. Gamblers must be 21 years or older in the United States.

Glossary: Quick Definitions

  • Leg: One pick inside a parlay or teaser.
  • Push: A tie. Often the stake is returned or the leg is dropped, based on rules.
  • Juice/Vig: The fee the book charges inside the odds (for example, -110 instead of even odds).
  • Key numbers: Common winning margins in football, like 3 and 7.
  • Correlated bets: Legs that move together (for example, team to win and QB over yards in the same game).
  • Round robin: A group of smaller parlays built from a list of picks.
  • Expected value (EV): A way to judge if the price is fair over many tries.

Conclusion and Next Steps

Parlays and teasers can be fun, but only if you know the rules and the price. Keep parlays short, tease smart numbers in football only when the price is fair, and always check push rules. Start small, set limits, and use legal books only.

For entertainment and education only. Must be of legal age in your area. Bet responsibly. Last updated: 2025-12-22.

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