It's like a two-team parlay in which both games are about -265. If they both cover these new spreads, you win the teaser. You can take the Chiefs from -7.5 against the Steelers to -1.5, and the Ravens from +2.5 to +8.5 against the Bengals. Here's another example from Week 16 of the 2021 season.

If one or both teams did not cover the new spreads, you lose $12. This teaser was priced around -120, meaning if you risked $12 on it, you win $10. Neither the Jets or Patriots covered the original point spread, but both would have covered in a teaser. The Patriots were a 7-point favorite against the Texans and won 25-22, covering the new 1-point spread. The Jets were originally a 2.5-point underdog against the Falcons and lost 27-20, covering your new 8.5-point spread. A Jets and Patriots teaser looked like this: Example 1 Team

Let's use this example from the Week 5 of the 2021 NFL season. Depending on the book, it will pay around -120. The most common teaser in sports betting is a 6-point football teaser, in which you have to pick two games correctly but get six additional points on each spread.

2 game teaser payout