Round Robin Bet - What is It and How to Bet in Sports Betting

Round robin bets give flexibility and different betting options for sports fans who like experimenting with different strategies. Whether you're an experienced bettor or a beginner, the round robin bet is worth considering.

What is a Round Robin Bet?

A round robin bet is a type of wager that involves multiple parlay bets. It is for bettors to combine different selections into small individual parlays. The goal of a round robin bet is to increase the chances of winning by covering more combinations.

Round Robin Bet Types

The 2-team Round Robin

It is the most common type, where you select two teams and create all possible two-team parlays from those selections. This means that if you have three teams (A, B, and C), your 2-team round robin would include parlays AB and AC.

The 3-team Round Robin.

This is another popular type that you can select three teams and create all possible three-team parlays from those selections.

For example, if you have four teams (A, B, C, and D), your 3-team round robin will include parlays ABC and ABD.

Additionally, there are variations such as the 4-team or 5-team round robins where you can expand the number of teams involved in your combination bets.

How Does a Round Robin Bet Work?

In sports betting, a round robin is like making smaller teams from a big list of bets. Imagine it's like a sports tournament where each team plays every other team in their group. With a round robin bet, teams team up to form smaller betting groups instead.

When you choose several games to bet on, your sportsbook lets you create these smaller betting groups called parlays with your selected games. The more games you choose, the more combinations of parlays you can make. It could be thousands if you pick lots of teams. For example, if you pick 11 teams, it can make 2,036 parlay combinations automatically. Each book might show round robin options a bit differently, but the idea is to make betting on lots of games more manageable and exciting.

How to Calculate Round Robin Odds?

Understanding round robin odds might seem complex, but breaking it down is key. Imagine you're placing bets on three football teams: Team A, Team B, and Team C. Each team has its odds to win. Let's simplify the process:

  1. Convert to Decimal Odds
    • Team A: -150 (1.67)
    • Team B: +200 (3.00)
    • Team C: -120 (1.83)
  2. Create Two-Team Parlays
    • AB Parlay: 1.67 * 3.00 = 5.01
    • AC Parlay: 1.67 * 1.83 = 3.06
    • BC Parlay: 3.00 * 1.83 = 5.49
  3. Calculate Potential Payouts
    • Assume a $10 bet on each parlay.
    • AB Parlay: $10 * 5.01 = $50.10
    • AC Parlay: $10 * 3.06 = $30.60
    • BC Parlay: $10 * 5.49 = $54.90
    • ABC Parlay: $10 * (5.01 + 3.06 + 5.49) = $135.60
  4. Consider Different Outcomes
    • All three teams win: $271.20 – $40 stake = $231.20 profit
    • Team A loses: $14.90 profit
    • Team B loses: $9.50 loss
    • Team C loses: $10.10 profit

How to Place a Round Robin Bet?

To place a round robin bet, you have to select the individual bets that you want to include in your combination. These can be any type of bet such as moneyline, point spread, or totals bets. When you finish, you can create different combinations using these selections.

The number of combinations will depend on how many individual bets you have included in your round robin bet.

Round Robin Bet Example

Let's look into a simple example, suppose you're interested in betting on three football teams: Team A, Team B, and Team C. You decide to create two-team parlays (combination bets) from these teams using a round robin strategy.

  1. Team A vs. Team B
  2. Team A vs. Team C
  3. Team B vs. Team C

Now, let's assume you bet $10 on each of these two-team parlays. The odds for each team to win their respective games are as follows:

  • Team A: -150 (decimal odds: 1.67)
  • Team B: +200 (decimal odds: 3.00)
  • Team C: -120 (decimal odds: 1.83)

Now, let's calculate the potential payouts for each parlay:

  1. Team A vs. Team B (AB):
    • Odds of Team A winning: -150 (1.67)
    • Odds of Team B winning: +200 (3.00)
    • Potential payout: $10 (1.67 3.00) = $50.10
  2. Team A vs. Team C (AC):
    • Odds of Team A winning: -150 (1.67)
    • Odds of Team C winning: -120 (1.83)
    • Potential payout: $10 (1.67 1.83) = $30.60
  3. Team B vs. Team C (BC):
    • Odds of Team B winning: +200 (3.00)
    • Odds of Team C winning: -120 (1.83)
    • Potential payout: $10 (3.00 1.83) = $54.90

You've created three two-team parlays, and each has its potential payout. Now, if you want to calculate the total potential profit, you'd sum up these potential payouts.

In a round robin bet, you can create more combinations as you add more teams, but it gives you an idea of how combining different teams in parlays can lead to varying potential payouts. Keep in mind that the actual outcome of the games will determine whether you win or lose these bets.

Round Robin Bets in Sports Betting

NFL Round Robin

Imagine you're betting on three NFL games: Chiefs vs. Ravens, Packers vs. 49ers, and Patriots vs. Bills. You can create different combinations of two-team parlays, and we'll bet $10 on each. Here are some of the possibilities:

  • Chiefs + Packers (KC + GB): $31.35 potential payout
  • Chiefs + Patriots (KC + NE): $38.43 potential payout
  • Ravens + Packers (BAL + GB): $42.75 potential payout
  • Ravens + Patriots (BAL + NE): $52.50 potential payout
  • Packers + Patriots (GB + NE): $35.91 potential payout
  • Chiefs + Ravens + Packers (KC + BAL + GB): $78.29 potential payout
  • Chiefs + Ravens + Patriots (KC + BAL + NE): $97.65 potential payout
  • Chiefs + Packers + Patriots (KC + GB + NE): $67.83 potential payout
  • Ravens + Packers + Patriots (BAL + GB + NE): $89.18 potential payout

Remember, these are potential payouts if all selected teams in a parlay win. If any team loses, the parlay is considered a loss.

Key Point: Including a double result from the same game (Chiefs and Ravens) is a feature of this bet type, helping cover exposure within these bets.

NBA Round Robin

Now, let's consider an NBA round robin with three games: Lakers vs. Nets, Warriors vs. Suns, and Celtics vs. Heat. We'll bet $20 on each selection:

  • Lakers + Warriors (LAL + GSW): $86.48 potential payout
  • Lakers + Celtics (LAL + BOS): $63.94 potential payout
  • Nets + Warriors (BKN + GSW): $119.60 potential payout
  • Nets + Celtics (BKN + BOS): $87.82 potential payout
  • Warriors + Celtics (GSW + BOS): $98.56 potential payout
  • Lakers + Nets + Warriors (LAL + BKN + GSW): $233.04 potential payout
  • Lakers + Nets + Celtics (LAL + BKN + BOS): $170.17 potential payout
  • Lakers + Warriors + Celtics (LAL + GSW + BOS): $191.94 potential payout
  • Nets + Warriors + Celtics (BKN + GSW + BOS): $282.08 potential payout

Note: If just one pick loses, the profit margin is reduced.

These examples showcase how round robin bets can offer various payout possibilities based on different team combinations.

Advantages and Disadvantages of Round Robin Betting

Pros

  1. Increased chances of winning: it allows bettors to cover multiple bets. If one or two selections lose, there is still a possibility of earning a payout from the remaining combinations.
  2. Risk management: By spreading bets, it helps you manage risk. If one parlay fails, the bettor can still earn profits from other parlays.
  3. Flexibility and variety: you can select different combinations and odds for each parlay. It allows bettors to experiment with various strategies.

Cons

  1. Higher costs: It involves placing multiple parlay bet simultaneously. Bettors need to consider the increased cost when deciding.
  2. Lower potential payouts: It increases the chances of winning, but also reduces the potential payout compared to hitting a single large parlay. The more combinations, the lower the potential return on investment.
  3. Complexity and time-consuming: It requires careful planning and analysis as bettors need to consider odds, stake sizes, and possible outcomes for each combination. This can be time-consuming compared to simpler types of bets.

Are Round Robin Bets Worth it?

It depends on several factors such as the odds, the number of selections you made, and the overall risk. Round robin bets can be appealing to those who want to increase their chances of winning and they can also secure some returns even if not all selections win.

However, it can also increase your stake significantly since you are placing multiple bet. This means that you may have a higher chance of winning on at least one combination, you also need to invest more.

Ultimately,it depends on your individual preferences and betting strategy. It's essential to carefully consider the potential risks and rewards before deciding if this aligns with your goals.

Round Robin Betting Strategies

Round robin betting isn't straightforward; one wrong choice can impact all your bets. Yet, there are ways to make it work for you.

  1. Full Coverage Strategy
    • Include all possible combinations of your chosen teams in parlays.
    • Example: With four teams (A, B, C, D), create six two-team parlays (AB, AC, AD, BC, BD, CD), and four three-team parlays (ABC, ABD, ACD, BCD).
    • Requires a larger stake but offers extensive coverage.
  2. Limited Coverage Strategy
    • Choose a subset of combinations, reducing your stake while maintaining good coverage.
    • Example: Instead of all combinations for four teams, pick only the three strongest combinations with the highest chances of winning.
  3. Risk-Reward Balance
    • Adjust the number of teams in each parlay to balance risk and reward.
    • Example: Mix two-team and three-team parlays for varied risk levels and potential payouts.
  4. Focus on Favorites
    • Prioritize strong teams with lower odds in your parlays.
    • Increases chances of winning individual parlays, but payouts may be lower due to favorite's lower odds.
  5. Various Markets/Sports
    • Bet on different sports.
    • Reduces risk.
    • Allows you to bet multiple choices in various teams and matches.

 

In conclusion, round robin betting offers an exciting way for bettors to diversify their wagers and increase their chances of winning. However, it's important to note that it requires careful understanding before placing any bets. With proper planning and execution, round robin betting can be a valuable tool for bettors.