Round Robin Bet: Explaining Different Types of Betting in Detail

A Round Robin bet is a type of wager that involves multiple parlay combinations derived from a set of individual selections. In this betting strategy, you select three or more teams or outcomes and create various parlay combinations, covering all possible combinations of the chosen selections. Each team or outcome is combined with every other team or outcome in a series of two-team parlays.

The Round Robin bet is designed to provide a level of flexibility, allowing bettors to hedge their bets and potentially secure winnings even if not all selections are correct. However, it's essential to note that the increased number of combinations also leads to a higher total stake. As a result, Round Robins are a more complex and costly betting option compared to traditional straight bets or standard parlays.

For example

Imagine you select three bets for your round robin — Manchester United to win against Chelsea, Arsenal and Liverpool both teams to score, and Manchester City to have over 2.5 total goals in their match. The sportsbook will automatically generate four parlays:

• Manchester United Win + Arsenal/Liverpool Both Teams to Score
• Arsenal/Liverpool Both Teams to Score + Manchester City Over 2.5 Total Goals
• Manchester United Win + Manchester City Over 2.5 Total Goals
• Manchester United Win + Arsenal/Liverpool Both Teams to Score + Manchester City Over 2.5 Total Goals

Each parlay represents a combination of two or more of your chosen bets, providing you with different betting options and potential payouts based on the outcomes of the individual matches.

How to Bet on Round Robin at the Bookmaker

Betting on a Round Robin at a bookmaker involves a strategic approach to maximize potential returns while managing risk. Here's a step-by-step guide on how to navigate the process:

1. Selection of Teams

Begin by choosing a group of teams or individuals you want to bet on. This could include teams in sports events like football or basketball, or individual players in a tennis tournament.

2. Determining Bet Size

Decide the amount you want to bet on each individual parlay within the round robin. This decision determines the total amount at risk for your bets.

3. Creating Parlays

In a round robin bet, construct multiple two-team or three-team parlays using the selected teams. Each parlay consists of a combination of teams from your original selection. For example, if you chose teams A, B, C, and D, your parlays could include AB, AC, AD, BC, BD, and CD.

Round robin parlays expand based on the number of picks, creating multiple combinations. For instance, with four picks, you would have 11 parlays.

4. Placing Bets

Place individual bets on each parlay you've created. The number of bets corresponds to the number of parlays. If you have six parlays, you'll place six separate wagers.

Bets are placed per "line," meaning the stake entered is per line. If there are six bets in your parlay round-robin wager and you bet $10 per line, the total stake would be $60.

5. Calculating Payouts

If all teams in a particular parlay win, that parlay is considered a winning bet. Payouts for winning parlays are determined by the odds associated with each team in the parlay. Calculate potential payouts by multiplying the odds of each team in your parlay.

Convert odds to decimal format for straightforward multiplication or use round robin betting calculators available online.

6. Risk and Rewards

Round robin betting allows you to spread the risk across different outcomes with the potential for significant payouts if all your picks win. Even if some teams in your selection lose, winning parlays can still occur if other teams perform well.

How to Calculate Round Robin Odds?

To calculate the odds for a round robin bet, a comprehensive understanding of the process is essential. While there are betting calculators available, it's crucial to grasp the basics to navigate the complexities involved. Converting odds to decimal format can simplify the calculation significantly.

Below are specific instructions on how to calculate the odds for a round robin bet through the example below:

Team Odds

• Kaizer Chiefs: -120 (decimal odds: 1.83)
• Mamelodi Sundowns: +150 (decimal odds: 2.50)
• Orlando Pirates: +180 (decimal odds: 2.80)

Two-Team Parlays

Kaizer Chiefs vs. Mamelodi Sundowns (KC vs. MS):

• Odds of Kaizer Chiefs winning: -120 (1.83)
• Odds of Mamelodi Sundowns winning: +150 (2.50)
• Multiply the odds: 1.83 * 2.50 = 4.575 (decimal odds)
• Potential payout: 100 ZAR * 4,575 = 457.50 ZAR

Kaizer Chiefs vs. Orlando Pirates (KC vs. OP):

• Odds of Kaizer Chiefs winning: -120 (1.83)
• Odds of Orlando Pirates winning: +180 (2.80)
• Multiply the odds: 1.83 * 2.80 = 5.124 (decimal odds)
• Potential payout: 100 ZAR * 5,124 = 512.40 ZAR

Mamelodi Sundowns vs. Orlando Pirates (MS vs. OP):

• Odds of Mamelodi Sundowns winning: +150 (2.50)
• Odds of Orlando Pirates winning: +180 (2.80)
• Multiply the odds: 2.50 * 2.80 = 7.00 (decimal odds)
• Potential payout: 100 ZAR * 7.00 = 700.00 ZAR

Combined Parlay (KC, MS, OP):

• Total Odds: 4.575 (KC vs. MS) + 5.124 (KC vs. OP) + 7.00 (MS vs. OP) = 16,699
• Potential payout: 100 ZAR * 16,699 = 1669.90 ZAR

Potential Returns:

Let's analyze potential returns based on different outcomes:

All three teams win:

• Total payout potential: 457.50 ZAR + 512.40 ZAR + 700.00 ZAR + 1669.90 ZAR = 3340.80 ZAR
• Profit: 3340.80 ZAR - 400 ZAR stake = 2940.80 ZAR

Kaizer Chiefs lost:

• Potential payout: 700.00 ZAR
• Profit: 700.00 ZAR - 400 ZAR stake = 300.00 ZAR

Mamelodi Sundowns lose:

• Potential payout: 512.40 ZAR
• Loss: 400 ZAR stake - 512.40 ZAR = -112.40 ZAR (loss)

Orlando Pirates lost:

• Potential payout: 457.50 ZAR
• Loss: 400 ZAR stake - 457.50 ZAR = -57.50 ZAR (loss)

How to Place a Round Robin Bet

To successfully place a round robin bet, the specific steps may vary across different sportsbook platforms. However, the general process typically involves the following steps:

1. Create an Account

Head to the sportsbook website and locate the green "Join" button. Click on it to initiate the account creation process. Provide the required information, which usually takes only a few minutes. Once completed, return to the site and log in with your newly created credentials.

2. Navigate to Sports and Markets

Use the sportsbook interface to explore the available sports and betting markets. Sportsbooks typically categorize sports and events, making it easy for users to find their desired options.

3. Add Selections to Bet Slip

Click on the odds associated with your chosen selections to add them to your bet slip. At this stage, consider adding each bet as singles to the bet slip. This allows you to carefully select the bets you wish to include in your round robin bet.

3. Create Round Robin Bet

Once you have chosen your selections on the bet slip, navigate to the bottom of the bet slip interface. Look for a button labeled "Create Round Robin" and click on it. This action will initiate the process of configuring your round robin bet.

4. Select Bet Types

Choose the specific types of bets you want to include in your round robin. Options typically include By 2's, By 3's, By 4's, and so on, depending on the number of picks in your bet slip. Additionally, you may have the option to place a full parlay bet that encompasses all selected results.

5. Set Wager Amount

Determine the amount you want to wager per line. This is the sum per individual bet within the round robin. For example, if you have 10 wagers at $10 each, the total bet amount would be $100.

6. Accept Odds and Confirm

Review the selected options, odds, and the total wager amount. Once satisfied, accept the terms and confirm your round robin bet.

7. Track Bets

Keep track of your live bets within the account section of the sportsbook platform. Monitor the outcomes and potential returns as the events progress.

Remember, the exact steps may vary, so it's advisable to familiarize yourself with the specific procedures of the sportsbook you choose.

Advantages and Disadvantages of Round Robin Betting

Advantages

• Increased Chances of Winning: Multiple parlays enhance the likelihood of securing at least one winning combination, even if some teams in the selection lose.
• Risk Distribution: Spread risk across different outcomes, mitigating losses and providing insurance against individual team failures.
• Flexibility: Customize the number of teams and types of parlays, tailoring the strategy to personal preferences and risk tolerance.
• Potential for Higher Payouts: Higher combined odds in winning parlays can lead to significant payouts, offering a lucrative potential compared to single bets.

Disadvantages

• Expensive: Requires a larger stake compared to single bets, necessitating a higher allocation of funds.

• Lower Profit Margins: Despite potential for higher payouts, profit margins can be lower due to increased stake and dispersion of the wager.
• Complexity: More challenging to understand and calculate than single bets, involving considerations of odds, potential payouts, and various parlay combinations.
• Higher Variance: Involves multiple combinations, leading to higher variance with unpredictable results. Successful betting requires disciplined bankroll management.

The round robin bet is a dynamic and strategic betting format that offers both advantages and disadvantages. While it provides increased chances of winning, risk distribution, flexibility, and the potential for higher payouts, it comes with drawbacks such as higher expenses, lower profit margins, complexity, and higher variance. Understanding the intricacies of round robin betting is essential for bettors seeking a diversified and potentially lucrative approach to sports wagering. As with any betting strategy, careful consideration and disciplined bankroll management are key to navigating the challenges and maximizing the benefits of round robin bets.