On top of having so many different types of odds and bets that you can make when looking to place a wager on a sporting event, there are also opportunities to combine two or more of these bets in a way that pays you even more money. These bets, called Parlay and Teaser bets, are riskier as they require the outcome of more than one event to go in your favor in order to be a winner, but the payout is worth it for many gamblers. Let’s break down each of these bets for you, so you understand what you are working with.

Parlay Bets

As we mentioned, the majority of betting on sports happens on an individual basis. Whether it is a total, a money line or a point spread, straight bets (betting on one outcome) is the safest of the best you can make. Now, if you think you have a couple of locks that you are sure are coming in, you may want to consider combining bets into what is called a parlay. Almost every sports betting site in the world offers parlay bets – especially considering how lucrative they are for the house. Regardless, we still think there is some value in a parlay bet as long as you don’t get too greedy.

How a parlay works are pretty simple – you select two or more outcomes and combine them together for a more attractive set of odds on winning the entire group of bets. Depending on the odds and the style of bet you are trying to parlay, your payout will differ, but ultimately the more games you put into a parlay, the better your payout becomes. Most sites have a limit on the number of games that can be parlayed together, as the mathematics make it too risky for a site to potentially lose the bet.

Now, the risk with a parlay is, of course, if you don’t win all the games. If you lose even one game, then the entire bet is considered a loss. In rare instances, there may be one of the bets that are a push. In that case, you will need to refer to the individual site’s Terms and Conditions to determine what happens to your bet. Some sites simply cancel out that bet, turning your parlay into one featuring one less team, while others make the entire parlay a push. We like to err on the side of sites that knock the tie off the parlay as that still rewards you for winning the other parts of the bet.

One more thing to note about parlays – most sites will not let you parlay two similar bets together. For example, if you really like the Boston Celtics to crush whomever they are playing on a given night, you cannot parlay the money line of that game with the point spread. No site will allow you to double dip like that.

Teaser Bets

For Basketball and American football bettors, there is another type of combination bet that you can make called a teaser. In teaser bets, you still have to select more than one game, and it must be based on the point spread of the games in play. We will use football as an example here. Let’s say there are three games that you want to bet on:

  • New England -7.5 over Miami
  • Green Bay -5 over Denver
  • Dallas +6.5 against Minnesota

If you are interested in the three picks above, you have the option of betting a 6, 6.5 or 7 point teaser on the games. The lines are adjusted based on the teaser you have chosen. We’ll use 6 points as the example here, with the new odds becoming:

  • New England -1.5 over Miami
  • Green Bay +1 vs. Denver
  • Dallas + 13.5 against Minnesota

As you can see, your chances of winning those bets have improved with the points added. As a result of taking those points, you must combine all three of the bets, and the payout for you will be +150 at most sportsbooks. This price can vary, however, so it is important to shop around to find the best teaser odds for the sport you are looking to bet.

The same risks are involved in teaser betting as there are in parlay betting, as you need all the games to be correct to be a winner. However, this type of bet is one where you are trying to guarantee yourself success by adding points to the side of the game you want to bet on.

As a whole, we like the idea of parlay and teaser bets for players who want to have a bit of fun with their wagering account. We would recommend starting conservatively with these combination bets, perhaps limiting yourself to two or three teams at a time to start. As with all gambling, we encourage you to bet within your means and not to find yourself in a bad financial predicament as a result of your gambling. Sports betting can be very entertaining and enhance your viewing experience, but knowing your limits and playing within them can maintain the over enjoyment for the long term.