A round robin bet is a creative type of parlay betting that requires making multiple bets at once. This bet makes it easy for bettors to place parlays that consist of 3-8 lines and 2-6 teams. Sports bettors can cover their bases and wager all possible combinations by using a round robin and bet many parlays at once.
It’s no wonder that parlays are so popular considering they offer the opportunity for a sizeable payout while minimizing the risk. Since round-robin bets are a type of parlay bet, these too are attractive options among sports gamblers looking for an exciting way to maximize their winnings.
The most efficient and convenient way to place round-robins among other wagers is by using online sportsbooks in states where sports betting is legal like New Jersey and Pennsylvania. Not only are these sites more safe and reliable than offshore operators, but players also get the most for their money thanks to generous bonuses and promotions.
If you’d like to know more about how round robin betting works, you’ve come to the right place. We’ve already established a round robin bet is similar to a parlay, which combines at least two sides into one larger wager in exchange for an increased payout.
Well, think of round robins as a set of small parlays with minimized risk. When placing parlays, every side needs to be correct in order for the bet to win, which is why parlays are difficult and sportsbooks largely enjoy accepting them from the public.
In a round robin, not every single pick needs to win. Even with a loss (sometimes multiple), bettors can still profit from the wager. The formatting of round robin bets as a series of smaller parlays rather than one large wager can be the difference between being a winner or a loser at the end of the day.
The first thing to know is that it takes at least three legs. to start building round robin bets. Potential winnings increase with each added team, as do the total number of combinations and parlays you can create. For example:
So on and so forth. To keep things simple, let’s use just three sides for our wager at standard -110 odds to break down how round robin parlays work.
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The following three NFL team parlay comes at +597 odds and requires a perfect 3-for-3 in order to cash a winning ticket.
If we were betting $60, the full payout would total just north of $358. Now let’s break this up into thee round-robin parlay bets of two teams apiece and use that same $60 spread across all three bets of $20 each:
Round Robin Parlay 1: $20 to win $52.96 (+265 odds)
Round Robin Parlay 2: $20 to win $52.96 (+265 odds)
Round Robin Parlay 3: $20 to win $52.96 (+265 odds)
If all three sides win, we total $158.88 in winnings ($52.96 x 3) plus our $60 original investment, which is obviously the main goal. Easy, right? Not exactly. But that’s okay because round robin parlays provide a safety net.
If one of the teams loses, two of the parlays go 1-for-2 and lose a collective $40. The one parlay of the two sides that hit pays out $52.96 plus returns the $20 placed on the wager, covering the losses from the other bets and earning $12.96 in profit. And that is how you still wind up with ahead without all the picks going your way. If you want to learn more about betting on football read out in-depth NFL online betting guide.
If you’ve got any experience with parlays, you know they are pretty tough wagers to win. While round robins do come with a margin for error that traditional parlays lack, they still aren’t the easiest to survive on constantly as a bettor.
With that said, there are still ways to profit from these bets and angles to take in order to give yourself a better shot at winning. Keep the following tips in mind when developing a round robin betting strategy:
Parlays with fewer teams always have a better chance whereas wagers featuring four teams and above, potential payouts pile up but so do the amount of very difficult parlays to actually win. Three-team robins featuring three smaller two-team bets have the best statistical chance of any.
Don’t forbid yourself from taking a shot with a crowded round robin you feel comfortable with, but keep in mind that selecting too many legs in round robins is one of the biggest mistakes a casual bettor makes consistently.
The downside to round robins is that if all your selections do indeed win, the collective payouts won’t match what one larger parlay would’ve been. Using our example, winning all three smaller parlays would mean a $158.88 round robin payout, which is far less than the $358 a normal three-leg parlay would’ve paid.
If you’ve got enough confidence in every pick, maximize potential winnings by placing an additional (and small) wager on the collective group as a bigger bet. This doesn’t have to be done at the risk of profits, either, depending on the number of teams and money included in the bet.
Parlays are always a great option to use when betting with bonus funds provided to you by the sportsbook because a large payout only requires a small wager.
Unlike using your own cash balance, you don’t receive the amount of the original bet back. For this reason a so a low-risk, high-reward bonus bet is the way to use that bonus money and give yourself several shots at a sizeable payday.
If it’s possible, try to stagger the starting times of the games you include in your round robin parlay. This may give you a chance to hedge your bet and guarantee profits later on, or you can begin a new bet in the event you’ve lost the first game.