COMPLETE GUIDE TO ROUND ROBIN BETS & SPORTS BETTING

Are you in search of a parlay strategy that ensures consistent returns? While parlaying can yield significant profits, it also carries considerable risk, as a single incorrect pick can lead to the loss of an entire 5-leg parlay.

That's where Round Robins come in. This parlay strategy helps mitigate the risk mentioned earlier. So, what exactly is a Round Robin, and how does it work?

In this article, we'll delve into the concept of Round Robins, exploring what they are, how they operate, and how to integrate them into your parlay strategy to optimize profits.

Let's dive in.

Betting Guides: What is a Round Robin Bet? 

A round robin bet is a combination of smaller wagers that are either auto generated or manually selected from a larger, pre-existing parlay bet. 

In round robin bets, bettors are essentially making newer parlays using individual bets from the original parlay in such a way that each new bet consists of fewer wagers than the original.

The term “Round Robin” comes from round robin tournaments, a competition where each participant plays everyone else once. This same rule applies to round robin bets. In a round robin bet, each selection from the original parlay is paired with every other selection at least once.

The goal behind doing this is to reduce the risk of losing your entire bet if one of your predictions is wrong. While the concept might initially seem a bit tricky, an in-depth explanation of how they work should offer more insight into their framework.

How to Make a Round Robin Bet?

Parlays give bettors the flexibility to combine multiple wagers into a single bet. While these types of bets offer the potential for larger payouts, they also increase the risk, as all selections must win for the bet to be successful. 

This is where round robin bets come in. With a round robin betting strategy, bettors can hedge against individual bets jeopardizing their entire parlay selection.

How Does Round Robin Betting Work?

Let’s say you want to make four betting selections for Week 12 in the NFL. Your picks include;

• Los Angeles Rams (-7.5 point spread) @ -110
• New Orleans Saints vs. Tampa Bay Buccaneers (Over 52.5 points) @ -105
• Jacksonville Jaguars (+14.5 point spread) @ +120
• Denver Broncos (Moneyline) @ -200

You decide to combine all these bets into a single wager. You visit your favorite sportsbook’s platform, select your picks, and just before you place your bet, you notice the “Round Robin” betting option and, out of curiosity, hit the button.

What this option does is break your multiple bets into smaller parlays by combining every pick in the bet with every other pick at least once. 

Using the example above, you should have something like this;

Parlay 1

• Los Angeles Rams (-7.5 point spread) 
• New Orleans Saints vs. Tampa Bay Buccaneers (Over 52.5 points)

Parlay 2

1. Los Angeles Rams (-7.5 point spread)
2. Jacksonville Jaguars (+14.5 point spread)

Parlay 3

• Los Angeles Rams (-7.5 point spread)
• Denver Broncos (Moneyline)

Parlay 4

• New Orleans Saints vs. Tampa Bay Buccaneers (Over 52.5 points)
• Jacksonville Jaguars (+14.5 point spread)

Parlay 5

• New Orleans Saints vs. Tampa Bay Buccaneers (Over 52.5 points) 
• Denver Broncos (Moneyline)

Parlay 6

• Jacksonville Jaguars (+14.5 point spread) 
• Denver Broncos (Moneyline)

You’ll notice that each two-team combo is drawn from our original 4-leg parlay. That’s basically the idea behind how round robin betting works. It mitigates the risk of one pick ruining your entire parlay selection. 

So, even If the Broncos lose their matchup, and the other parlay selections are successful, you'd still end up with 3 winning bets (Parlays 1, 2, and 4). This is assuming you wagered on all six two-team parlays.

Round Robin Bet Example

To solidify your understanding of round Robin bets, let’s illustrate with another example; this time a three-team round robin. 

With a three-team round robin, you are taking three betting selections and combining them into a total of three individual parlays. You will also have the option to bet on the three-team parlay of all the selections.

This gives you four possible bets combining these three selections into parlays. For the sake of simplicity, let's use the example of three NFL point spread betting selections with -110 odds.

• Miami Dolphins: +7 | -110
• Las Vegas Raiders: -3 | -110
• Kansas City Chiefs: -6 | -110

Here you have four possible combinations. Let's say you use the round robin builder to bet each one for $10:

• Dolphins + Raiders: $10
• Dolphins + Chiefs: $10
• Raiders + Chiefs: $10
• Dolphins + Raiders + Chiefs: $10

If you were to bet all four of these combinations on a round robin builder at $10 each, your maximum return would be $138.92. If all three of the two-team combos hit, you win $79.34. If you include the three-teamer, you will win an additional $59.58.

If you simply bet the three-team parlay alone, you would stand to win a lot more for the same total amount wagered. A $40 bet would pay out $278.32 for $238.32 in winnings.

Other Round Robin Examples

Let's explore another example with a different scenario. Imagine you’re interested in placing a round robin bet involving five basketball teams during the March Madness tournament. 

The teams are labeled as;

• Team X
• Team Y
• Team Z
• Team W
• Team V

Below is a comprehensive list of all the combinations that can be drawn from that selection:

You can decide to wager on all these combos or select a few from the list and spread your stake among them. 

Round Robin Bet Strategies for Sports Betting

Sports betting offers a variety of wagering options, and round robins can be a particularly intriguing way to potentially increase your returns. 

Here are some winning round robin strategies to consider...

Round Robin Betting Strategies to Maximize Payout

Many betting sites make the process of creating round robins almost effortless for bettors. While this automation can be a time-saver, it's important to remember that strategic thinking is still crucial for maximizing your chances of success.

Want to get more out of your round robin bets? Here are some strategies to boost your winning potential.

Mix favorites with underdogs

If the goal is to maximize the potential payout on a round robin, then including a mix of high- and low-risk picks might be a good strategy. Favorites are perceived as the stronger team in a matchup, so bets on them don’t pay out as much as bets on underdogs.

However, it’s essential to be cautious when betting on underdogs, as it carries more risk. Limiting the number of underdog bets in your selection can help manage that risk. 

Select high-probability bets

High-probability bets have a greater potential for success. Including them in your betting selections can improve the chances of your round robins resulting in success. 

For instance, adding three high-probability bets to a four-pick selection and then generating a mix of two- and three-team parlays in a round robin can increase your chances of winning at least some bets while still offering the potential for a large payout from the three-team parlay. 

Consider lower-risk parlays

While larger round robins (round robins consisting of 3+ team parlays) often present higher profit opportunities, they inherently come with greater risk. The more selections you add to a parlay, the greater its chances of resulting in a loss. 

A good strategy would be to stick to fewer-leg parlays (at most 3 legs) for round robin bets. If you’re feeling extra lucky, consider spreading your stake among as many two- and three-pick parlays as can be drawn from your original selection.

How to Place a Round Robin Bet on Different Sports

Let’s suppose you are looking to place round robin bets consisting of two team combos. You must first choose the teams you wish to include in your round robin wager; we’ll use three selections for this example.

Look for the tab labeled “Round Robin” or something similar in your betslip. Depending on the sportsbook, it will most likely say “Round Robin” (or “RR”).

Enter the wager amount to complete the round robin wager. Calculate the total wager for each round using the bet slip calculator.

This example shows that a round robin wager of $25 per bet would result in a $75 risk and could pay out up to $300 if each of the three teams covers their respective spreads.

Round Robin Parlays vs. Single Bets

Deciding on whether to round robin a combination bet or place a series of single bets depends on your experience level and risk appetite. Round robins and parlays in general offer the chance to significantly increase a bettors’ potential winnings by multiplying the odds on each of their selections.

Single bets, on the other hand, aren’t as rewarding but come with less risk. A Single bet is a straightforward bet on just one selection. 

So, for example, if you think the Milwaukee Bucks will win their matchup against the Grizzlies (or cover a 6.5-point spread), you can place a wager on that outcome. However, if you combined that with a bet on another event, you’d essentially be creating a parlay bet.

Calculating Payouts and Potential Winnings

Before placing your round robins, it's crucial to understand how payouts are calculated. This section will equip you with the knowledge to assess your potential winnings for different scenarios.

How to Calculate the Potential Payout of a Round Robin Bet

Each round robin bet should be broken down separately to better understand how they are paid. Let’s take the example of a three-team round robin bet. Each team is at -110. 

Therefore, let’s use an example where each wager is placed at $5. Take a look at this table to get a better understanding of how round-robin payouts are calculated.

The entire breakdown of a round robin bet with three teams is shown in the table. These results will be calculated based on whether each team wins the parlay. The payout calculation is based on Team A losing and Teams B and C winning.

Understanding Parlays and Combination Bets in Round Robins

You might wonder: what is the difference between a round robin and parlay? They are closely linked, as a round robin is not so much an individual bet type but a means of conveniently creating several parlays at once. 

Say you have three betting selections from which you want to create a round robin. You would have the opportunity to combine them into three two-team combinations as well as one three-team parlay. This makes for a total of four single parlays you can create.

Each parlay is no different than if you had placed them all individually. The round robin functionality at sportsbooks is a matter of convenience. Still, there are some ideological differences between parlay betting and round robin betting strategy. Using the same example of three betting selections, it is easy to illustrate this.

Parlay Bet Explained

You could place a three-team regular parlay using your three selections. But even if two of the three teams win, you still lose the whole bet. While the parlay would pay a high amount, losing just one leg results in a loss. 

On the other hand, with a round robin, you will still win one of your three two-team parlays. This is despite the other two combinations and the three-team parlay failing.

Say you bet the same dollar amount on your round robin as you would have on the single three-team parlay. You will have gained yourself a substantial return on your two winning picks rather than losing your entire amount wagered.

This is an excellent means of reducing your risk considerably while retaining some of the upside of parlay betting if all the selections win.

Tips for Placing Successful Round Robin Bets

Armed with the knowledge of calculating payouts, let's move on to some practical tips for placing successful round robin bets. 

These tips will guide you towards making informed decisions and maximizing your chances of winning.

Key Factors to Consider Before You Place a Round Robin Bet

Round robins offer a chance to hedge parlay bets against losses, but they're not foolproof. In this section, we'll explore key factors to consider to increase your round robin's chances of resulting in a win.

• Understand how round robin bets work and how to maximize their potential.
• Ensure you possess a strong understanding of sporting events to enhance the likelihood of forecasting bets with a high probability of success.
• Carefully select your bets. While it’s important to find high-value bets, it’s equally crucial to minimize risk when crafting your combination bets. 
• Choose a reliable bookmaker.
• Evaluate your risk and carefully manage the amount you wager on your bets.

Common Mistakes to Avoid When Betting Round Robins

Picking only favorites 

Don't let team popularity cloud your judgment. Just because a team is favored doesn't guarantee victory. Focus on value bets, where the odds seem more favorable than the team's true winning probability. 

Analyze statistics, trends, and matchups to uncover hidden gems.

Overconfidence

Sports are inherently unpredictable. Upsets happen, injuries strike, and unexpected events can derail even the most carefully crafted predictions.  

Be honest about your limitations and focus on making informed decisions based on analysis, not blind faith in your picks.

The Correlation Conundrum

Round robins allow for multiple bets, but avoid including correlated events (like teams playing the same game) within the same parlay. A win in one leg could cancel out a win in another, negating any potential payout.

Building unrealistic round robins

Round robins can be tempting, but especially for beginners, it's wise to start small. Begin with a limited number of selections and focus on smaller parlays (2-3 teams) within your round robin. 

This increases your chances of early wins and builds valuable experience.

Ignoring bankroll management

Never chase losses by exceeding your budget. Set a clear spending limit before placing your bets and stick to it. Divide this amount equally among all the individual parlays within your round robin for responsible gambling.