A parlay is a single bet that links together two or more individual wagers and is dependent on all of those wagers winning together. If any of the bets in the parlay lose, the entire parlay loses.
Pushes and refunds in a parlay cause the wager to reduce the payoff bracket representing the number of remaining teams. If the parlay reduces to just a single game, the single game becomes a straight wager.
A teaser is a wager that is a parlay, but the spread is changed on all games by a certain amount. Ex. A 4-team 7-point teaser means they are selecting 4 teams to cover the spread plus another 7 points to each team.
Pushes and refunds in an off-the-board teaser wager cause the wager to reduce to the payoff bracket representing the number of remaining teams.
In the event only one team remains:
A teaser reduced to a single wager is considered “no action” and will be refunded.
If all teams push/refund, the wager is considered “no action” and will be refunded.