What is round robin bet?

A round robin bet is a type of parlay bet used primarily in sports betting, but it can also be applied to other forms of wagering. Instead of placing a single parlay (which requires all selections to win), a round robin bet breaks down your selections into smaller parlays. This significantly reduces your risk while also lowering your potential payout compared to a single, larger parlay.

Here's a breakdown:

How it works: You select a group of outcomes (e.g., teams to win, game totals, etc.). You then specify the number of selections that must be included in each smaller parlay (e.g., a 3-team round robin with 2-team parlays). The betting system automatically generates all possible combinations of parlays based on your choices and the specified size.
Example: Let's say you choose three teams (A, B, C) and create a 3-team round robin with 2-team parlays. This means you'll have three separate 2-team parlays:
- A & B
- A & C
- B & C
If any two of your selected teams win, you'll win at least one of these parlays.
Advantages: The main advantage is reduced risk. You don't need all your selections to win to see a return. This makes it a safer betting strategy compared to a single large parlay.
Disadvantages: The potential payout is lower than a traditional parlay. You're essentially spreading your stake across multiple smaller bets, meaning each individual parlay's potential payout is less.
Cost: Round robins are more expensive than single parlays because you're placing multiple bets. The total cost depends on the number of selections and the size of the parlays.

In summary: A round robin bet is a useful strategy for bettors who want to hedge their risk and potentially profit even if not all their selections are correct. However, it's crucial to understand that the potential payout will always be lower than a standard parlay with the same number of selections. The best approach is to weigh the risk tolerance against the desired potential return when considering this type of bet.