Round robin bet meaning – How does a round robin bet work?

In sports, a round-robin competition is a tournament in which there is a group of teams and each team competes against all the rest of the team. Football leagues tend to use a double robin format, in which each team plays all the other teams in the league twice – once at home and once away. Therefore, round-robin betting is not very complicated, but in sports betting, the range of betting possibilities expands even further. Today with premiumsoccertips learn about round robin bet through the article below!

What is a round robin bet?

Round robin betting is a strategic betting method that allows players to place multiple bets on different events simultaneously, commonly seen in various sports such as football, basketball, horse racing, and tennis. The main advantage of this betting method is to minimize risks and increase the chances of winning.

Round robin betting consists of multiple smaller bets called parlays. A parlay is a single bet where all outcomes must occur for the bet to win. The number of individual bets in each round depends on the number of selections and how they are combined.

For example, if a player selects three teams (A, B, and C), they can create parlays with two teams at a time (A+B, A+C, and B+C), resulting in three individual bets, also known as a round robin 3-way. If the player includes all three teams in one parlay (A+B+C), there will be a total of four bets, increasing the risk and potential payout.

The outcome of round robin betting depends on the odds and the amount wagered by the player. If one parlay fails, the entire betting method does not necessarily fail entirely. Other parlays can still be successful, meaning the player may receive a portion of the winnings.

To calculate the potential profit of a round robin bet, players can use the following formula: Total Profit = (Wager x Odds) + (Wager x Odds) + … for each accumulated bet.

However, it’s important to note that while this type of betting can increase the chances of winning, it also requires a significantly larger investment because each parlay must be placed separately.

Advantages and disadvantages of round robin betting

Advantage

First of all, compared to cumulative bets, circle bets seem to be the safer option. Even if one of your options loses, with a round-robin bet, you still have a chance to win some money, which is not the case with some other betting structures.

Moreover, Round Robin bets offer the flexibility to be placed on any sport of your choice, unlike certain other bet types that are limited to specific sports. Typically associated with the NFL, Round Robin games can be adapted to suit any sport of your preference.

This type of bet can be intricate and may not suit everyone. In the subsequent section, we will outline some of the associated risks.

Shortcoming

One of the main disadvantages of the Round Robin bet is the risk factor that comes with adding more options. If one of them loses, your potential profit will decrease significantly. However, as mentioned earlier, Round Robin bets have many advantages over standard cumulative bets for punters.

How does a round robin bet work

By now, you might have heard of parlay betting, so you’re looking to expand your sports betting knowledge and consider getting involved in round robin betting action. Round robin betting is essentially a parlay bet, but instead of 3 to 15 individual games or outcomes, you have a parlay bet with three or more parlays within it – a parlay within a parlay.

These round robin bets can include any type of wager – moneyline, totals, point spreads, etc. You’ll be required to create three separate parlays with at least three lines each. All these smaller parlays will be created from a selection of games you choose – from three to 15. When you select your games, you’ll be prompted to choose the number of ‘ways’ you want to combine based on the number of games you’ve selected.

The difference between round robin betting and regular parlays is that you can still make a profit even if one of your bets doesn’t win. Your payout will certainly be reduced if all your bet segments don’t cash out.

You’ll have different combinations of any number of lines you choose – for example, if you choose 4 games and decide to play 3-ways, you’ll have four, three-game parlays with different combinations of those original four lines.

Another example could be if you pick 10 events and choose to make a round robin 5-ways bet. Our sportsbook would create five parlays based on the combinations possible within those ten games. That also means you only need to hit on five out of the ten combinations to still come away with some winnings.

How to place round robin sports betting

The process of placing round robin bets will vary depending on each website, but to highlight how you go about placing round robin bets, you can refer to the following steps:

Go to the sports betting website and click on the green “Join” button to create an account. This process will take a few minutes, and once completed, return and log in.
Use the sportsbook to navigate the sports market and betting options.
To add selections to your bet slip, simply click on the odds. Begin by adding all your bets individually as singles while selecting the ones you wish to include.
Once your selections are made, at the bottom of the bet slip, there will be a button labeled “Create Round Robin”.
You are now presented with a variety of betting options to choose from. Depending on the number of selections in your bet slip, you can opt for different types of bets such as By 2, By 3, By 4, and so on. Additionally, you’ll have the choice to place full parlay bets, encompassing all outcomes.
Select the amount you wish to wager, which represents the total per line. For instance, if you have 10 bets at $10 each, the total amount wagered will be $100.
Confirm the odds and place your bet. You can track your bets live in your account section.

Round robin betting strategy

Round robin betting is straightforward. A single misstep in selection could wipe out profits across all bets. However, this type of bet can yield significant rewards, and we’ve included some round robin betting strategies to help you leverage that advantage.

Full Coverage Strategy: In this strategy, you include all possible parlay combinations with your chosen teams. For example, if you have four teams (A, B, C, D), you’ll create six two-team parlays (AB, AC, AD, BC, BD, CD) and four three-team parlays (ABC, ABD, ACD, BCD). This strategy offers the highest coverage but requires a larger wager as you’re betting on all possible combinations.
Limit Hedge Strategy: With this strategy, you select a subset of combinations instead of including all possible parlays. It allows you to reduce the amount wagered while still maintaining good coverage. For example, instead of including all possible combinations for four teams, you might choose only the three strongest combinations that you believe have the highest chance of winning.
Risk-Reward Balance: This strategy involves adjusting the number of teams in each parlay to achieve a balance between risk and reward. For example, you can create combinations of two-team and three-team parlays. Two-team parlays offer higher win probabilities but lower payouts, while three-team parlays offer higher payouts but higher risk. By striking the appropriate balance, you can effectively mitigate risk while pursuing potentially substantial payouts.
Focus on Favorites: Give precedence to the most formidable teams or individuals with the lowest odds when constructing your parlays. By focusing on favorites, you increase your chances of winning individual parlays. However, keep in mind that payouts may be lower due to the lower odds associated with favorites.
Market/Sport Diversity: Instead of placing all bets on a single sport, event, or market, diversify your round robin bets across different sports or events. This helps spread risk and gives you the opportunity to capitalize on multiple betting opportunities. By selecting teams or individuals from different sports, you can offset losses in one sport with wins in another.

Conclude

As such, round robin bet is a versatile and fun method to participate in betting in sports. By combining various bets into one ticket, players can increase their chances of winning and maximize payout potential. With the ability to select teams and determine bet sizes, round-robin betting offers flexibility and excitement for both beginners and experienced players. Consider experimenting with this unique betting strategy to add thrill to your sports betting experience.