GAMING;Teasers offer insurance on NCAA parlay bets: This exotic wager allows you to move the point
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Let's say you're planning to spend the weekend wagering on this year's NCAA men's basketball tournament. And let's say you're planning to do so across the state line in Nevada as betting on sports here in California is patently illegal.
If both of these hypothetical statements are true, then teaser bets might be something worth considering.
Teaser bets are like insurance, allowing you to increase the lines on specific games to give yourself more of a margin for error. With teasers, you can actually pay to move lines up or down by a certain and usually predetermined number of points.
The catch: You must tease more than one game at a time. The games are combined into a parlay. The other catch: If you win a teaser, you win less than would have won if you hadn't teased.
Here's an example: Let's say a sports book is offering a 4-point teaser that includes Cal's first-round game against Louisville and St. Mary's first-round game against Richmond. If, in the original lines, Cal is favored by 6 and St. Mary's is a 5-point underdog, the teaser would give you the following spreads: Cal -2 and St. Mary's +9.
By the way, this example is purely for demonstration purposes. Cal is not that good.
By this math, though, if Cal wins by more than a bucket and St. Mary's loses by no more than 9 points, you win your teaser. If one of these teams fails to cover the new line, your wager is toast.
Most sports books also let you apply teasers to over/under bets. These wagers work in much the same way as point-spread teasers - a 4-point tease to go under the point total of 138 would bump the line up to 142. Again, bettors must apply the same amount of points to all of the games in the teaser.
A few words to the wise: First, teaser bets are like top-shelf gins - not every sports book offers them and some books offer teasers only for football, not basketball. They're also usually absent from the regular lineup of betting options; in order to find out if a sports book has them, you usually have to ask.
The bottom line: A two-team teaser will usually net you around $110 for every $100 spent - not exactly the best odds if you consider that a straight-up two-team parlay usually pays somewhere around 13:5 or $260 on your $100 bet. Of course, the more teams you put in your teaser, the higher the odds go.
Your faithful gaming columnist makes an annual pilgrimage to Las Vegas for the first weekend of March Madness and will be firmly planted on his rear in the sports book at Red Rock Casino Resort & Spa this weekend. Thanks to a green light from the bookmaker, I'll be tweeting live the whole time. Follow me at twitter.com/mattvillano.
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© 2009 LexisNexis, a division of Reed Elsevier Inc. All rights reserved.
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