Understanding Round Robin Bets A Comprehensive Guide
Sports betting has become a popular form of gambling, with millions of people placing bets on various sports events every day. While most bettors are familiar with basic types of bets such as moneylines, point spreads, and totals, there is another type of bet that can increase your chances of winning big – the round robin bet.
In this article, we will take an in-depth look at what exactly a round robin bet is, how it works, and some tips and strategies for maximizing your chances of success. So, whether you are a seasoned bettor looking to diversify your betting portfolio or a newbie trying to understand the intricacies of sports betting, read on to learn everything you need to know about round robin bets.
What is a Round Robin Bet?
A round robin bet is a type of parlay bet where a bettor combines multiple selections into one larger bet. Essentially, a round robin bet allows you to place multiple parlay bets at once, increasing your potential payout while also hedging your risk.
To understand round robin bets better, let’s break it down into simpler terms. In a regular parlay bet, you would select two or more individual bets, and for your parlay to win, all of your selections must win. If even one selection loses, the entire parlay loses. In a round robin bet, however, you can still win even if one or more selections lose.
For example, suppose you wanted to place a parlay bet on three different NFL games – Packers vs. Bears, Cowboys vs. Eagles, and Patriots vs. Bills. In a regular parlay, you would have to pick the winners of all three games correctly to win your bet. However, with a round robin bet, you could create three separate two-team parlays – Packers & Cowboys, Packers & Patriots, and Cowboys & Patriots. Even if one of the games loses, you could still win one or two of your parlays and make a profit.
How Does a Round Robin Bet Work?
Now that we understand the basics of round robin bets let’s take a closer look at how they work. The first step is to select the individual bets that you want to include in your round robin bet. These can be spread bets, totals, or moneylines on any sport, but most commonly used for football and basketball.
Next, you will need to decide on the number of teams or selections you want to include in your bet. Keep in mind that the more teams you include, the higher the potential payout, but also the higher the risk. Most sportsbooks will allow you to add up to 28 teams in a round robin bet, but it is recommended to stick to 3-6 teams for better chances of winning.
Once you have selected your teams and the number of combinations, you will need to determine the wager amount for each combination. This total amount will be multiplied by the number of combinations, giving you the total cost of your round robin bet. For example, if you bet $10 on a three-team round robin with three different combinations, your total cost would be $30 (3 x $10).
Some sportsbooks may also allow you to choose how many of your selected teams must win for the bet to be considered a winner. For instance, you may be able to select that only two out of three teams must win to receive a payout. However, keep in mind that the payouts will be significantly lower for this option.
Round Robin Bet vs. Regular Parlay
At this point, you may be wondering – what is the advantage of placing a round robin bet over a regular parlay? Well, there are a few key differences between the two:
- Hedging Risk: As mentioned earlier, in a round robin bet, you can still win even if one of your selections loses. This makes it a popular choice for bettors who want to hedge their risk and increase their chances of winning.
- Higher Payouts: With a round robin bet, you can potentially win more money than with a regular parlay. This is because you are placing multiple bets at once, and the payouts are multiplied by the number of combinations in your round robin bet.
- More Flexibility: Round robin bets allow you to choose how many teams must win for the bet to be considered a winner. This gives you more control over your potential payout and allows you to customize your bet according to your risk preference.
However, there are also some drawbacks to round robin bets that bettors should keep in mind:
- Higher Cost: Round robin bets can be more expensive than regular parlays since you are placing multiple bets at once. The cost can quickly add up, especially if you include a large number of teams or combinations in your bet.
- Lower Odds: Due to the increased flexibility and hedging options in round robin bets, the odds are generally lower compared to regular parlays. This means that even if you win, your payout may not be as significant as a regular parlay bet.
Strategies for Success
Now that you understand how round robin bets work and their differences from regular parlays let’s take a look at some strategies that can help you increase your chances of success:
1. Keep It Simple
One of the biggest mistakes bettors make when placing round robin bets is including too many teams or combinations. While it may seem tempting to create a large bet with a big potential payout, remember that each additional team or combination increases your risk and decreases your odds of winning. Stick to 3-6 teams or combinations for better chances of success.
2. Use the Hedge Option Wisely
As mentioned earlier, some sportsbooks allow bettors to choose how many teams must win for the round robin bet to be considered a winner. While this may seem like a good way to minimize risk, it can also significantly reduce your potential payout. Use this option wisely and only select it if you have a strong feeling that one or more of your selections may lose.
3. Consider the Game Lines
When selecting teams for your round robin bet, consider the game lines carefully. Ideally, you want to include teams with relatively close odds to increase your chances of winning multiple parlays. If one team has significantly lower odds compared to the others, it may be better to exclude them from your bet.
4. Keep Track of Your Bets
With round robin bets, it’s easy to lose track of which combinations are still open and which ones have won or lost. To avoid any confusion, make sure to keep track of your bets and the remaining possibilities. This will also help you make more informed betting decisions in the future.
Advantages of Round Robin Bets
- Increased Flexibility: As we have already mentioned, round robin bets offer more flexibility compared to regular parlays, allowing bettors to customize their bet according to their risk preference.
- Hedging Risk: By including multiple combinations in a round robin bet, bettors can hedge their risk and potentially win even if one of their selections loses.
- Higher Payouts: With round robin bets, you can win more money compared to regular parlays. This is because you are placing multiple bets at once, and the payouts are multiplied by the number of combinations in your bet.
Disadvantages of Round Robin Bets
- Higher Cost: Due to the increased flexibility and hedging options, round robin bets can be more expensive than regular parlays, which may not be ideal for bettors on a budget.
- Lower Odds: The odds for round robin bets are generally lower compared to regular parlays, which can affect the potential payout even if you win.
- More Complex: While round robin bets can offer more flexibility and hedging options, they are also more complex than regular parlays and may take some time for beginners to understand fully.
Conclusion
Round robin bets can be a valuable addition to any sports bettor’s portfolio, offering increased flexibility, hedging options, and potentially higher payouts. However, it is essential to approach them with caution and carefully select your teams and combinations to increase your chances of success.
By keeping things simple and using the hedge option wisely, you can minimize your risk and potentially win big with round robin bets. So, next time you are looking to place a parlay bet, consider trying out a round robin and see how it works for you. Good luck!
