Definition: Similar to a parlay, a teaser bet is a single bet that links together two or more individual wagers but is different in that it also allows you to adjust the point spread of each individual wager. In exchange for the points, you will get less of a return on your bet. Each of the individual wagers must win or the bet is a loss.

 

Example: Joe placed a three-team 6-point teaser on the Bucs, Raiders and Rams. If any one of those team wagers lose, after applying an extra six points in Joe's favor, Joe loses his teaser bet.