Round Robin Betting
A Round Robin bet is a multi-team wager that allows you to select a combination of teams to create a group of parlays. In the bet, all possible combinations for the set number of teams within the parlay are selected. When more than three teams are selected, options are available for how the parlays are combined. Example: Choosing a four-team Round Robin provides the player the option of combing the teams in four three-team parlays or six two-team parlays
Round Robin Wagers:
Round Robins are a great way to cover your bases when parlaying your picks. Make between 3 and 6 selections and wager on some or all of the possible parlay combinations in one go. Each of the parlays comprising the Round Robin is a separate wager.
For example, a three-team Round Robin bet for $10 placed two-ways would consist of all the two-team parlays that can be made from the three teams selected. Taking the Colts, the Eagles and the Giants (all to cover the spread) two-ways, you would be creating three separate two-team parlays and the total cost of the bet would be $30:
|
Parlay
|
Teams
|
2 team parlay odds
|
Bet
Amount
|
To
Win
|
Potential
Return
|
|
1
|
Colts and Eagles
|
13 to 5
|
$10
|
$26
|
$36
|
|
2
|
Colts and Giants
|
13 to 5
|
$10
|
$26
|
$36
|
|
3
|
Eagles and Giants
|
13 to 5
|
$10
|
$26
|
$36
|
With the above example in mind, you also have the option to place a three-way Round Robin side bet to increase your potential payout (a three-team parlay including all three teams). If you wish, you may risk a lower amount on this 3-way bet, as it may be harder to win:
|
Parlay
|
Teams
|
3 team parlay odds
|
Bet
Amount
|
To
Win
|
Potential
Return
|
|
4
|
Colts and Eagles and Giants
|
6 to 1
|
$5
|
$30
|
$35
|
With the selection of 4, 5 or 6 teams, further combinations are possible:
|
|
Parlay combinations within the Round Robin
|
|
|
Size of Round Robin
|
2-way
|
3-way
|
4-way
|
5-way
|
6-way
|
Total no. of combinations
|
|
3 team
|
3
|
1
|
|
|
|
4
|
|
4 team
|
6
|
4
|
1
|
|
|
11
|
|
5 team
|
10
|
10
|
5
|
1
|
|
26
|
|
6 team
|
15
|
20
|
15
|
6
|
1
|
57
|
It is possible to combine spreads, money lines, totals and different sports in Round Robin parlay bets.
Round Robin Betting Rules:
As a Round Robin consists of individual parlays, the same rules apply as in regular parlays:
- The payoffs on each parlay will be in accordance with our standard parlay payoffs, unless money lines are involved.
- If one of the teams loses, all parlay combinations with that team are a loss.
- If one team pushes, then all combinations with that team are reduced to the next lowest level for payoff.
- You cannot include correlated events in a Round Robin. (The system will prohibit this).
However, you cannot buy points on a Round Robin parlay as with regular parlays.
So, what are the advantages of making Round Robin parlays?
Again, consider the example of the Colts, the Eagles and the Giants in a two-way Round Robin parlay. Instead of putting all your money on one three-team parlay, you split it three ways with three two-team parlays. Using our standard parlay payoffs of 13/5 for a 2 team parlay and 6/1 for a 3 team parlay, consider the following:
- If you put $10 on each leg of a 3 team 2-ways Round Robin and two teams hit, you win one of your three parlays for a return of $36 - turning a small profit considering the $30 investment.
- If all three teams hit, you win all three parlays for a return of $108.
You could put all $30 on a three-team parlay, and the return if they all hit would actually be $210 - almost double the $108 return of a Round Robin. That is the price you pay for hedging. But over time, the Round Robin actually is the smarter mathematical bet. Each side you pick should be a 50-50 proposition, and the laws of probability determine that you should be able to hit three such propositions in a row once out of every eight times you bet it (1/2 x 1/2 x 1/2 = 1/8). However, you should also get two of the three correct another three times out of those eight. If you bet three-team parlays for $30 each, you can expect a return of $210 once out of every eight plays, on an outlay of $240. By spending that $30 on eight Round Robins, you'll have the same $240 outlay with a return of $216 - a one-time return of $108 and three other returns of $36.
If you can pick winners more than 50 % of the time, you can raise those numbers to the break-even point. In fact, the return on investment for a standard three-team parlays surpasses the return on a Round Robin at a win rate of only slightly higher than 50 percent. But, if you're picking less than 50 % (like most people) and you still love the thrill of the parlay, the proper way to hedge it is with a Round Robin.
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