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Teasers are a betting option that you can use to bring a point spread down. In football you can get an additional 6, 6.5 or 7 points. In basketball, you can get 4.5 or 5. If you have a football underdog getting 6 points, a teaser bet will give that 13 if you add 7 points to the bet. A favorite in basketball giving 3 can be teased to a +2 if adding 5. Looks easy! It's not! You have to pick at least 2 games in the same manner and pay a higher vig for the extra points. If one team loses you lose your wager.
A teaser is very similar to a parlay but odds that are less favorable. So less is more. Picking more than 2 teams increases the odds of you not hitting. It does increase your payout.