How Do Round Robin Bets Work?
Aug 8, 2024
Round robin bets offer a unique way to spread your risk across multiple wagers. A round robin bet creates several smaller parlays from a larger group of bets you select. This betting strategy allows you to win even if not all your picks are correct.
You choose 3 or more teams or outcomes to include in your round robin. The sportsbook then makes all possible 2-team parlay combinations from your selections.
For example, if you pick 3 teams, you'll get 3 separate 2-team parlays. This gives you more chances to win compared to a single parlay with all your picks.
Round robins can be a good middle ground between single bets and big parlays. They let you bet on multiple games while lowering your risk. You don't need every pick to hit to make money. But keep in mind that round robins usually cost more than a standard parlay since you're placing multiple bets at once.
Understanding the Round Robin Bet
Round robin bets combine multiple selections into smaller parlays. This betting method offers more chances to win compared to traditional parlays.
Definition and Basics
A round robin bet splits your picks into several smaller parlays. You choose at least 3 selections, like teams or players. The sportsbook then creates all possible 2-team parlays from your choices.
For example, if you pick 3 teams (A, B, C), you get 3 parlays: A-B, A-C, and B-C.
This bet type gives you more ways to win. If one pick loses, you can still win other parlays. Round robins cost more than single bets but less than one big parlay.
Comparison to Traditional Parlay
Traditional parlays are all-or-nothing bets. You need all picks to win for a payout.
Round robins are different. They split your selections into smaller parlays. With round robins, you can still win money if some picks lose. This makes them less risky than big parlays. But the tradeoff is lower potential payouts.
Round robins also let you bet on more games at once. This can be fun for bettors who like action on multiple events.
Types of Round Robin Bets
There are many types of round robin bets. They vary based on the number of selections and parlay size.
Common types include:
Trixie: 3 selections, 4 bets (3 doubles, 1 triple)
Yankee: 4 selections, 11 bets (6 doubles, 4 triples, 1 four-fold)
Lucky 15: 4 selections, 15 bets (includes singles)
Canadian: 5 selections, 26 bets
Larger round robins exist too, like the Heinz (6 selections) and Super Heinz (7 selections). These offer more combinations but cost more to place.
Placing a Round Robin Bet
Round robin bets let you make multiple smaller parlays from a group of wagers. To place one, you'll pick your events, decide how much to bet, and use the sportsbook's bet slip.
Selecting Events and Teams
Pick 3 or more events for your round robin bet. These can be from different sports or leagues. For example, you might choose:
NFL: Packers vs Bears
NBA: Lakers vs Celtics
MLB: Yankees vs Red Sox
The sportsbook's software will create all possible parlay combos from your picks. With 3 events, you'll get 3 two-team parlays. Four events give you 6 two-team parlays and 4 three-team parlays.
Choose events you feel confident about. Underdogs can work well in round robins since you don't need all picks to win.
Determining Bet Size and Stake
Set your stake for each parlay in the round robin. A $5 stake on a 3-event round robin costs $15 total ($5 x 3 parlays).
Your potential payout depends on:
Number of events
Odds for each pick
Stake per parlay
Higher stakes mean bigger potential wins, but also more risk. Start small to get familiar with round robins before making larger bets.
Using a Bet Slip
Find the round robin option on your sportsbook's bet slip. It may be under "Parlays" or have its own tab.
Add your picks to the slip
Select "Round Robin"
Choose parlay size (2-team, 3-team, etc.)
Enter your stake per parlay
Review the total cost and potential payout
Confirm your bet
Online sportsbooks make this process easy. Their software handles the math and shows you all the details before you place your wager.
Odds and Payouts
Round robin bets have unique odds and payout structures. Understanding how these work can help you make smarter wagers and estimate your potential winnings.
Calculating the Odds
Round robin odds depend on the individual bets within your parlay combinations. Each parlay's odds are multiplied together.
For a 3-team round robin, you'd have 3 separate 2-team parlays.
Let's say you pick:
Team A (-110)
Team B (+150)
Team C (-130)
Your parlays would be:
A + B
A + C
B + C
To get each parlay's odds, multiply the decimal odds:
A + B: 1.91 x 2.50 = 4.77
A + C: 1.91 x 1.77 = 3.38
B + C: 2.50 x 1.77 = 4.42
Estimating Potential Payouts
Your payout depends on how many parlays win and your stake per parlay. If you bet $10 on each parlay in the above example:
If all 3 win: $124.70 profit
If 2 win: $72.70 to $82.70 profit
If 1 wins: $23.80 to $34.20 profit
Remember, you need at least one parlay to win to get any payout. The more parlays that hit, the higher your profit. But your total risk is also higher than a single bet.
To estimate payouts:
Calculate odds for each parlay
Multiply odds by your stake
Add up winnings from successful parlays
This gives you a rough idea of potential returns for different outcomes.
Strategic Considerations
Round robin betting requires careful planning and smart decision-making. These strategies can help you make the most of this betting style while managing risks.
Risk Management
Round robin bets spread your risk across multiple smaller parlays. This lowers your chances of losing everything on one bad pick.
To protect your bankroll, set a budget for each round robin bet. Don't bet more than you can afford to lose.
It's wise to start small and increase your bets as you gain experience. Keep track of your wins and losses to spot trends. This will help you adjust your strategy over time.
Consider using round robin bets as part of a larger betting plan. Mix them with straight bets and other types of wagers to balance risk and reward.
Choosing the Right Parlay Combination
Pick events that have a good chance of winning together. Look for games or matches where you feel confident in your predictions. Avoid including too many long shots in one round robin bet.
Research teams, players, and recent performance before making your picks. Pay attention to head-to-head records and current form.
This can help you spot value bets and avoid traps.
Try different parlay sizes within your round robin. A mix of 2-team and 3-team parlays can offer a balance of risk and potential payout. Experiment to find what works best for you.
Timing and Events Selection
Choose events that happen around the same time. This makes it easier to track your bets and adjust your strategy if needed.
Betting on a single league or tournament can help you focus your research.
Look for value in less popular events or markets. These might have better odds than high-profile games. But make sure you have enough information to make smart picks.
Be aware of how different sports seasons overlap. This can give you more options for your round robin bets. It also lets you apply your knowledge across multiple sports.
Watch for last-minute changes like injuries or weather that could affect your bets. Be ready to adjust your picks if new information comes to light before the events start.
Real-World Examples
Round robin bets can lead to big wins when done right. Let's look at some real cases and break down what made them work.
Case Studies of Round Robin Bets
A bettor placed a $10 round robin on 4 NFL games using FanDuel. They picked the Raiders, Steelers, Eagles, and Dolphins to win. This created 11 different bets: 6 two-team parlays, 4 three-team parlays, and 1 four-team parlay.
Three of the four teams won. This meant 7 of the 11 bets hit. The bettor's $10 turned into $76.50. If all four teams had won, the payout would have been over $200.
Another example: A BetMGM user bet on 5 NBA games. They chose the Lakers and 4 other teams. This made 26 different bets. With 4 out of 5 picks correct, they won 16 of the 26 bets.
Analysing Successful Bets
Winning round robin bets often come from smart team choices. Picking favourites can boost your chances. But mixing in a few underdogs can lead to bigger payouts.
One key is not putting all your eggs in one basket. A bettor who spread $100 across 10 different three-team round robins won $450 when 7 of their 10 picks hit.
Pro bettors often use round robins for lower-risk, steady gains. They might bet on 20-30 games a week in round robins. Even if only 60% of picks win, they can still profit.
The best round robin bets balance risk and reward. They give you more chances to win than single-game bets. But they also offer bigger payouts than just betting on each game separately.
Advanced Concepts
Round robin betting has some advanced aspects that can improve your strategy. These include using sportsbook features and analysing returns on investment. Let's look at how to take your round robin betting to the next level.
Leveraging Sportsbook Features
Many sportsbooks offer tools to help with round robin bets. You can use bet builders to create multiple two-team parlays quickly.
Some sites let you see potential payouts before placing bets. This helps you compare different combinations.
Software can track your bets and show stats on wins and losses. This data helps you spot trends in your betting. You can see which types of bets work best for you.
Look for sportsbooks that offer cash out options on round robins. This lets you lock in profits or cut losses before all games finish.
Assessing Returns on Investment (ROI)
To figure out if round robins are worth it, track your ROI. Keep a record of how much you bet and win over time.
Compare the ROI of round robins to single bets and regular parlays. You might find round robins work better for certain sports or bet types.
Remember, round robins have lower risk but also lower potential payouts than big parlays. A three-team round robin won't pay as much as a three-team parlay if all picks win.
Try different stake amounts to find the sweet spot between risk and reward. Small stakes on more combinations can be safer than big bets on fewer teams.
Frequently Asked Questions
What is a Round Robin bet in sports betting?
A round robin bet is a type of parlay that creates smaller bets from a larger group of selections. It lets you bet on multiple combinations of your picks.
You can choose how many selections to include in each smaller parlay.
How is a Round Robin bet calculated?
The payout for a round robin bet is based on the individual parlays within it. Each parlay is calculated separately.
The total winnings are the sum of all successful parlays minus the initial stake.
Can you provide an example of a Round Robin bet?
Let's say you pick three teams: Cowboys, Patriots, and Packers. A round robin "by 2s" would create three 2-team parlays:
Cowboys and Patriots
Cowboys and Packers
Patriots and Packers
You'd win if any of these parlays hit.
What strategies are commonly used in Round Robin betting?
One strategy is to focus on favourites with short odds. This can increase your chances of winning multiple parlays.
Another approach is to mix favorites with underdogs for higher potential payouts.
What does the term 'by 2s x3 wagers' in Round Robin betting mean?
"By 2s x3 wagers" means you're making three separate 2-team parlays.
It's a way to describe how many teams are in each parlay and how many total bets you're placing.
Is there a possibility of losing when placing a Round Robin bet?
Yes, you can lose a round robin bet. If none of your parlays win, you lose your entire stake. But you can still profit if some parlays win, even if others lose.
