What is a round robin bet?

A round robin bet is a type of parlay bet that allows you to place multiple smaller parlays from a larger group of selections. Instead of betting on all selections together in one large parlay (which would lose if even one selection is incorrect), a round robin breaks the selections into smaller parlays of a specified size.

Here's how it works:

Selections: You choose a group of selections (e.g., sporting events, horse races). Let's say you choose 4 selections.
Round Robin Size: You choose the size of each parlay. Common sizes are 2, 3, or more. For instance, if you choose a round robin size of 2, you're betting on all possible combinations of 2 selections from your group. If you choose a size of 3, you bet on all possible combinations of 3 selections.
Number of Parlays: The total number of parlays generated depends on the number of selections and the round robin size. The formula to calculate this is a bit complex but is readily available in online betting calculators. For example, 4 selections with a round robin size of 2 creates 6 separate 2-leg parlays.
Wager Amount: You specify a single stake amount that applies to each of the smaller parlays.
Payout: Each individual parlay wins or loses independently. You only win on the parlays where all the selections were correct. The total payout is the sum of the winnings from all successful parlays.

Example:

Let's say you choose 4 teams (A, B, C, D) and create a round robin of size 2 with a $10 stake. This creates these parlays:

A & B
A & C
A & D
B & C
B & D
C & D

You've placed 6 separate $10 parlays. If A, B, and C win, you would win on 3 of your parlays (A&B, A&C, B&C).

Advantages of Round Robin Bets:

Reduced Risk: You're not putting all your eggs in one basket. Even if one of your selections is wrong, you can still win on other parlays.
Increased Chances of Winning: The odds of winning at least some money are significantly higher than with a single large parlay.

Disadvantages of Round Robin Bets:

Lower Potential Payout: The potential payout for each individual parlay is smaller than a single, larger parlay with the same stake.
More Expensive: You are placing many bets, so the total cost is higher than a single parlay.

Round robins are a good option for bettors who want to spread their risk and increase their chances of winning something, even if they don't get all their selections correct. However, it's crucial to understand the cost involved and to calculate the potential payouts before placing the bet.