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All posts by Nick RaffoulRound robin betting is a type of multi-event wager that combines as many two-team parlay combinations as possible. This round robin betting guide will outline the best ways to utilize a round robin wager, as well as the pros and cons of multi-team round robin betting.
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What is a Round Robin Bet?
A round robin bet in sports betting is a series of two-team parlays, made up of a list of teams selected. Online sportsbooks have the option for round robin sports betting, and will automatically create the parlays needed to complete the round robin bet.
A round robin bet is often categorized as a type of ‘hedge.’ However, the round robin bet meaning is oftentimes confused with ‘boxing out’, which is a strategy used when completing a large series of parlay wagers.
While a round robin bet is considered a type of ‘hedge,’ it differs from a traditional hedge bet, which would have us wagering against a team in our selections, for the sole purpose of limiting losses, and securing profit.
A round robin bet is different in the sense that our wagers will only be on the teams we are picking to win.
How Does Round Robin Betting Work?
For example, if you were to pick three sports teams in a parlay. Team A, Team B, and Team C. A round robin bet would consist of three separate two-team parlays.
- Team A + Team B
- Team A + Team C
- Team B + Team C
If each team was lined at odds of -110, and the risk for each wager was $5 per parlay, the total amount wagered would be $15, and the maximum payout for all three wagers winning would be $39.67
Now, let’s look at another example using soccer teams. Let’s say you picked three soccer teams to win on a Saturday afternoon. Your picks were as follows:
- Manchester City (-200)
- Liverpool (-200)
- Newcastle (-200)
Now, let’s say we are wagering $5 per parlay, with three parlays created, the total risk would equal $15. If we were to wager on each team separately, with all three teams winning our payout would be $22.50 on a $15 wager.
Now, if we were to combine these wagers into a round robin bet, the payouts would be different. As each selection would be grouped into a parlay, if all three teams were to win their games, the payout on the $15 round robin wager, would equal $33.75.
Round robin wagers offer the most value when there is a large slate of games to wager on. If you are a recreational bettor, the best time to utilize a round robin bet is on a matchday Saturday in soccer, or an NFL Sunday in football.
When we have more selections on the betting board, there is more variance and chance for randomness. By betting round robin, you eliminate the chance of having your 3-team parlay busted by a single team losing, when the other two teams come through with the win.
If you are a regular parlay bettor, the round robin bet can be used to eliminate the chance of picking the majority of your games correct, but still losing your wager because one single team lost.
3 Team Round Robin Bet
If we were to create a three-team round robin bet in college football. We have picked three teams below on the spread. The round robin bet calculator generates 3 parlays of 2 teams.
The selections appear in the bet slip, if we scroll over to the ‘Round Robin’ box, we will see the breakdown of the wagers.
Based on these selections, a $5 wager on each parlay available would see a total risk of $15, and a total return of $39, if all three teams cover their respective spreads.
4 Team Round Robin Bet
If we were to create a four-team round robin bet in NBA basketball. We have picked four teams below on the spread.
The selections appear in the bet slip, if we scroll over to the ‘Round Robin’ box, we will see the breakdown of the wagers. The round robin bet calculator generates 6 parlays of 2 teams.
Based on these selections, a $5 wager on each parlay available would see a total risk of $30, and a total return of $80.57, if all four teams cover their respective spreads.
5 Team Round Robin Bet
If we were to create a five-team round robin bet in NFL football. We have picked five teams below on the spread at -110 each.
The selections appear in the bet slip, if we scroll over to the ‘Round Robin’ box, we will see the breakdown of the wagers. The round robin bet calculator generates 10 parlays of 2 teams.
Based on these selections, a $5 wager on each parlay available would see a total risk of $50, and a total return of $134.31, if all five teams cover their respective spreads.
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How to Place a Round Robin Bet
Here is a step-by-step guide to placing a round robin bet.
First, identify how many teams you want to include in your round robin bet. For the sake of a round robin bet example, let’s start with three. The first step to completing your round robin bet is by selecting the three teams you wish to include in your wager.
Second, open the bet slip and look for the tab labeled ‘Round Robin’ or at some sportsbooks ‘RR.’
Finally, to complete the round robin bet, punch in the amount you wish to wager per parlay, and the bet slip calculator will tell you the total amount wagered for the entire round robin bet.
Based on this example, a 3 team round robin bet at $25 per parlay would have a total risk of $75, and a total payout of $151.84, should all three teams win or cover their respective spreads.
How Does a Round Robin Bet Pay Out?
A round robin bet pays out based on the total winnings of each parlay in the entire round robin wager.
For example, a $15 three-team round robin bet with each team lined at -110 would pay out a total of $39.67. However, if one of the three teams were to lose, the winnings would be reduced significantly, as 2 of the 3 parlays would be graded as losses.
In this case, a $15 three-team round robin bet with each team lined at -110 would pay out a total of just $3.22.
Round Robin Bet Calculator
The best way to understand how round robin bets are paid out is by breaking each wager down individually. Again, for the sake of example, let’s use the 3-team round robin bet, with each team lined at -110. Let’s also use the example of each wager being placed at a stake of $5. Let’s take a look at the table below for a clear understanding of how round robin bet payouts are calculated.
Parlay Wager Result Risk Parlay Odds Potential Payout Team A + Team B Win $5.00 264 $13.22 Team A + Team C Win $5.00 264 $13.22 Team B + Team C Win $5.00 264 $13.22 Total Payout: $39.66 In the above table, the entire breakdown of a three-team round robin bet is shown. The results are based on if every team in the parlay wins.
In the table below, the payout is calculated based on the results seeing Team A lose, but both Team B and Team C winning.
Parlay Wager Result Risk Parlay Odds Potential Payout Team A + Team B Loss $5.00 264 $0.00 Team A + Team C Loss $5.00 264 $0.00 Team B + Team C Win $5.00 264 $13.22 Total Payout: $13.22 Round Robin Betting Strategy
If you are strictly a recreational sports bettor, round robin betting is likely the better alternative to long-shot parlays and teasers. The reason for this is that in a long shot parlay, a single team’s loss could mean the end to your ticket. The most frustrating thing about betting parlay tickets is that you can win 8 out of 9 games, but still end up losing. This is where round robin sports betting becomes the best option for recreational bettors.
If you are a serious sports bettor, who makes a portion of their income betting on sports, the round robin wager can be utilized as a betting tool to generate profit. Round robin wagers offer the opportunity to hedge out and minimize losses. By hedging, you select the opposite side of your wager, securing profit regardless of which team wins. Depending on the timing of the events in your round robin bet, you can wager on the opposite team in the final leg of your parlay, ensuring profit long term.
Round robin parlays provide the potential for a bigger payout, with risk and losses being mitigated by the separation of your wagers into two-team parlays. While the long-shot parlay has larger payouts, the likelihood of turning profit long term by betting long-shot parlays is slim to none.
With round robin betting, there is the drawback of having to risk higher stakes, but the returns and the potential for long term profits are much greater than with long-shot parlays.
Another tool that can be utilized with round robin betting is the ‘correlated parlay.’ Which is a group of selections that would be correlated based on the outcome of each selection. For example, if you are wagering on baseball, and have wagered on the ‘Over 9.5 Runs’ betting total, the correlated selection to that would be the ‘First Five Innings Over 4.5 Runs’
The reason this is correlated is based on simple probability. If the game goes over the first five innings betting total, it is more likely than not that the full game betting total will also go over. This can also be done with football or basketball, using first-half totals and full game totals. It can also be done in hockey or soccer, using first period or first half betting totals, correlated with full game betting totals.
While the majority of sportsbooks will not allow you to make a combination wager of both the ‘Full Game Over’ and the ‘First Five Innings Over,’ you can still create a set of two round robin parlays, one with ‘Full Game Overs’ and one with ‘First Five Inning Overs.’ By doing this, you are creating a set of correlated parlays, which may have better true odds than what the sportsbooks are paying out.
Round Robin Sports Betting
There are numerous ways to utilize round robin betting in a variety of different sports. Depending on if you are playing the 3-way market in soccer, the ATS spread in basketball or football, or the straight-up moneyline in hockey or combat sports, there are a wide array of strategies that can be implemented when round robin sports betting.
When picking teams to win by the spread in a round robin wager, we are minimizing the margin of error in each of the wagers selected. If we pick Virginia Tech to cover the +7.5 point spread, we only need them to stay within the +7.5 points to win the wager.
If you are betting on hockey, or other sports with a straight-up moneyline, you need your team to come through with the outright win to have your selection graded as a win.
When betting on soccer, things get a little bit more complicated. The 3-way moneyline is not generally used in the round robin wager, simply because a team can play to a 90-minute draw, and the selection would be graded as a loss. However, when utilizing the ‘Asian handicap’ wager in soccer, you can split up your selections by choosing a team on the +0.25 AH line, meaning that half of the wager would be graded as a win, should the team selected play to a draw.
The Asian handicap in soccer is likely the best wager to use in round robin betting, as we are giving ourselves more mitigation of risk, with a draw only being graded as half of a loss.
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Is Round Robin a Good Bet?
Depending on the type of bettor you are, round robin betting can be more useful than detrimental. If you are a recreational bettor, the round robin bet is a much better alternative than the long-shot parlay or the multi-team teaser.
If you are a professional sports bettor or make a portion of your income betting on sports, then the round robin bet is likely not a very useful tool, as most pros will tell you that parlay wagers carry a negative expected value, and will almost always lose more than they win.
There are some pros and cons surrounding round robin sports betting, let’s take a look at a few of the significant ones.
What we like:
- Can lead to greater payouts.
- Carries a reduced chance of losing.
- Can be used with ATS or AH selections to reduce margin of error.
- Can be utilized with hedge betting to secure profits.
- Can be combined with correlated selections to maximize winning percentage
What we don’t:
- Bets are normally larger than in other markets.
- Some sportsbooks only allow moneyline round robin wagers
- Can be difficult to track
- Most parlay wagers are -EV long-term
Round Robin Betting Glossary
Term Meaning Teaser A special bet is made by adjusting the point spread or total for a game. Picks The selection of teams chosen to wager on. Parlay A wager that includes multiple bets tied together, all selections must-win for the wager to be graded and paid out Each Way A wager that includes two positions. An each-way bet on a horse race can include the horse to win, place, or show. Asian Handicap A special bet that creates a more level scoreline by adding or subtracting a fractional point from either side. Against the Spread (ATS) Refers to the point spread that a team must cover to be graded as a win. Round Robin Betting Sites – Conclusion
Round robin sports betting is a type of parlay wager that combines numerous selections of picks into as many two-team parlays as possible. The round robin bet is best utilized when there is a large slate of games going on in the same sport, over the course of one or two days. This is because when there are more selections on the betting board, there is a higher chance of variance and random outcomes. By utilizing the round robin bet, you mitigate your risk by increasing the amount wagered and limiting your parlay card to just two teams per wager.
You can create a round robin bet using anywhere between 3 and 10 selections. If you were to make a three-team round robin bet for $5 per wager, the total amount wagered would be $15. If each team selected paid out at odds of -110, your round robin bet would consist of three two-team parlays at odds of about +260, depending on the parlay bonus your sportsbook is offering. A $15 round robin bet, with each team lined at odds of -110 would pay out around $39, if all three teams in the wager win.
It is quite easy to create a round robin bet on most online sportsbooks. However, some sportsbooks only allow the round robin bet on moneyline wagers, and not ATS bets or totals. You can find the round robin option on many online sportsbooks by either clicking a tab or checking a box on the sportsbook bet slip.
Round robin betting is not only best utilized on days where there are multiple games in the same league but also when you are able to create correlated parlays. You can create correlated parlays by combining selections such as ‘1st Half Totals’ and ‘Full Game Totals’ in football, basketball, or soccer. As well as ‘First Inning Totals’ and ‘Full Game Totals’ in baseball. By using selections that have correlated outcomes, you can make multiple round robin bets that have better odds offered than what the true odds may be. If you create two separate round robin bets which include these correlated outcomes, your chances of winning are far greater than what the odds indicate.Round Robin Betting FAQs
Where can I place a round robin bet?
How many wins are needed to get a round robin bet payout?
What is a 3 pick round robin bet?
Is round robin better than parlay betting?
