With a lot of different types of ways to bet on sports, round robin bets are picking up a lot of popularity. A sports betting round robin can end up being a great hedging strategy, and one that seasoned veterans are counting on more often than not.
This is a closer look at what exactly is a sports betting round robin, and just how valuable they can be in certain situations. While they might not be for everyone, they serve a purpose and have gained popularity for good reasons.
Table of Contents
What is a Sports Betting Round Robin?
A round robin is a variation of a parlay bet, most commonly done with three teams. In a standard 3-team parlay bet, a person is wagering a set amount of money for all three picks to win. If just one of them loses, that bet goes down as a loss.
With a round robin parlay bet, the three different choices are split up into three different pairings. It’s best to use real-world examples, so hypothetical lines for the Lakers, Celtics, and Warriors are used throughout this article.
Sign up for a FREE Consultation to start working with Legendary Sports Bettor Jon Price
Los Angeles Lakers -5.5
Boston Celtics -2.5
Golden State Warriors -1.5
That means in a 3-team round robin, the teams will automatically divide into three groups of two.
Los Angeles Lakers -5.5, Boston Celtics -2.5
Boston Celtics -2.5, Golden State Warriors -1.5
Golden State Warriors -1.5, Los Angeles Lakers -5.5
Wagers can now go on each pairing. The odds won’t pay out nearly the same as a standard 3-team parlay. However, people like that they can win a little bit more money than a single team bet, while still having some decent odds.
Let’s say that each pairing gets ⅓ of $100 ($33.33). That means each win would pay a person $86.67. The total for the day depending on results would be:
0 or 1 wins = -$100
2 wins = +$20
3 wins = $260
Round robins can involve a larger number of teams as well. For example, if a person picks five teams, they can either create 10 2-team parlays, 10 3-team parlays, 5 4-team parlays, or 1 5-team parlay. Going all the way up to 11 teams in a round robin, there are a total of 2036 parlay combinations.
It’s pretty easy to see that round robins are a little confusing for those who aren’t too familiar with sports betting. That’s why it is a pretty minor option compared to some of the others out there.
Are There Any Other Parlay Variations Worth Considering?
Other than round robin parlay betting, the two other popular variations involve changing the pointspread to either increase or decrease the payout. It makes things a little confusing for beginners, which is why these options are usually reserved for seasoned gamblers as well.
Keep in mind that all of these options aim to make parlay bets a bit more enticing to the general crowd. More options are always great, even if most people don’t ever use them.
Teasers
A teaser parlay bet essentially allows the gambler to shift the odds of the teams involved. It works in high-scoring contests like the NFL and the NBA best. To better understand how teasers work, Let’s look at those hypothetical lines again.
Los Angeles Lakers -5.5
Boston Celtics -2.5
Golden State Warriors -1.5
The gambler decides they want to do a 5-point teaser for this parlay bet to give them a bit more room to work with. The new updated lines would be:
Los Angeles Lakers -1.5
Boston Celtics +1.5
Golden State Warriors +2.5
It’s pretty easy to see that the odds after the teaser are much more favorable. Boston and Golden State were favorites in the beginning, but now they are getting underdog points. Meanwhile, Los Angeles is a much smaller favorite than before.
Teaser bet payouts are much less than regular payouts, which is to be expected. The bigger the teaser, the smaller the payout. Still, people get one bigger payout if they win the parlay than they would be betting individually for each game.
Pleasers
Pleaser parlay bets are the exact opposite of teaser bets. Instead of increasing the odds by giving all three teams points, pleaser parlay bets take those points away.
Opting for a 4-point pleaser bet would result in these new odds for the example above.
Los Angeles Lakers -9.5
Boston Celtics -6.5
Golden State Warriors -5.5
Now, all three teams have to win by a larger margin. This can work in the favor of some people who are putting money down on heavy favorites. It puts a little bit more pressure on the gambler, which gives them a larger payday.
Pleaser bets are notorious for very rarely working out. That’s part of the reason why most sportsbooks don’t include pleaser bets at this time. They are also very likely to put a limit on the wager so that they aren’t caught off guard.
Final Verdict: Are Sports Betting Round Robin Options worth it?
There is nothing more enticing than a massive payout from a parlay bet. Think of round robin betting as a way to chase something very similar, but without the same amount of risk. No, a person isn’t going to make as much money as they would with a standard parlay, but it’s a betting strategy that can help maximize a return of investment. This all occurs while taking a smaller risk. It’s a bit more conservative, which is perfect for those trying to have long-term success. All in all, round robin betting is a smart strategy when done correctly.
Reasons why people stay away from round robin betting come down to lack of knowledge on how it works, and being afraid of not winning consistently. A gambler’s winning percentage will indeed be much higher by only looking at single-game bets, but that slow and steady approach isn’t for everyone. Round robin betting is usually not the only way people place wagers, but it can be a fun way to vary things up.