What is a teaser? Teaser You can reduce the risk in a parlay by placing a teaser instead. A teaser is a combination of two to ten football or basketball wagers. You adjust the point spreads and/or totals in your favor in exchange for a lower payout. When your teaser includes a point spread, you can decrease the spread for the favorite or, conversely, increase the spread for the underdog. When it includes a total, you can increase the “under” or decrease the “over”. As in a parlay, winning the bet is dependent on all of the wagers winning.