A Round Robin bet is perhaps one of the most complex bet types out there. Essentially, Round Robin bets are a way to spread parlay bets out to minimize risk and maximize your odds of winning!
How To Make Round Robin Bets
Round Robin bets are essentially multiple parlay bets that are placed to minimize risk. A parlay bet is actually a series of bets placed on multiple games. The trick is that all of those bets need to be for winning teams in order for a parlay to payout, but the payout is much higher than three individual totals bets.
This is where the risk and reward dynamic comes into play: you can place three individual bets, and if one of them loses, you’ll still receive payouts for the other two. If you place a parlay bet for the same three matches, for example, you’ll receive a higher payout than if all three individual bets were successful.
A Round Robin bet allows you to take this parlay and spread out the risk over multiple sets of matches. The term “Round Robin” actually comes from a kind of tournament where each team or player has a chance to face each other team or player. In this case, it refers to the fact that each bet has a chance to cover the spread for each other bet.
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Round Robin Example
Let’s construct an example. Say you’re looking at a hypothetical match of an undetermined sport to keep it simple. Each team will be set a moneyline of -110, meaning that every successful $100 you bet will net you a $90 profit. Get tips on how to read odds.
Your first bet is a parlay between Blue Team (-110) and Red Team (-110).
- Blue +7.5 (-110)
- Red -3.5 (-110)
Your second bet is a parlay between Green Team (-110) and Yellow Team (-110).
- Green +7.5 (-110)
- Yellow -3.5 (-110)
Your third bet is a parlay between Pink Team (-110) and Orange Team (-110).
- Pink +7.5 (-110)
- Orange -3.5 (-110)
If we play the above example as a Round Robin, note that the bets act as a kind of “insurance” for one another, because the spread of one lost bet is covered by the other two bets. If we had played this as three separate parlays, one loss would have meant a total loss.
A slip like this works great when learning how to bet on basketball, for example. There are typically a lot of games in a week and possibilities for wagers.
Using a Round Robin calculator is also a great way to keep ahead of the numbers. Most calculators will ask you for your “notional bet” amount, the multiplier on the parlay, and the result of your games. A notional bet amount, in this case, is simply how much a bettor plans on betting for one of up to eight parlays.
Some sports betting websites will allow for more than eight parlays in this type of bet, but this is rarely seen nor recommended. It’s rather unlikely that you’ll win every single one of those bets. Even if the payout skyrockets by combining all those, it’s almost a statistical certainty that you won’t win that bet.
You can even find more simplified betting odds calculators that will tell you how much you stand to win (or lose) on a given bet with given odds. In the case of this article, all odds are written as positive or negative numbers, which is referred to as American odds notation.
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Splitting Up Your Round Robin
There are numerous different strategies to Round Robin betting. RR betting and parlay betting are both ways of multiplying or spreading risk out over several matches. Some sports betting websites, like BetMGM, will even allow you to parlay across multiple sports, which is a great way to maximize payouts if you follow more than one sport with dedication. Even the new books, such as CoolBet, should have this feature.
With regard to RR betting, it’s suggested that you bet Round Robin before you start diving into multi-sport parlay betting and other bet types that don’t allow you to cover the point spread with other wins.
Some bettors will suggest that you only group your parlays into a RR bet if you’re expecting an upset or you’re not as solid on a team’s history as you’d like to be–RR bets let you spread out that risk. Additionally, by using betting calculators, it is possible to wager less cash on more games to increase your odds of a better payout.
In other cases, however, it’s best to keep your bets as individual totals rather than grouping them into a 3-to-8-bet parlay or even a Round Robin. Clever bettors have found ways of splitting their bets between all three of these bet types to maximize their odds without putting more risk on their shoulders.
For example, a three-pick, two-way parlay requires 3 different bets. That could be up to $300 at risk with a $100 bet, and you stand to lose all of that money if just one of your teams loses. Putting down that same bet as a RR bet will allow you to reduce your bets’ risk by 30%, though you stand to win less.
It’s not an easy choice to make, which is why RR bets are generally recommended for advanced bettors with calculators in hand. Make sure you’re making an educated guess with RR betting or any kind of sports betting because it’s your money!