A round robin bet is a betting strategy that involves placing multiple parlay bets into a single wager. By using round robin bets instead of standard parlays, players remove some of the risks, as their bet can still win if one (or more) of their selections lose.
In this guide, we will explain how round robin bets work and cover how to place them using various examples from different sports. In addition, we assess the pros and cons of these types of bets and some round robin betting strategies to improve your probability of success.
What is a Round Robin Bet?
A round robin in gambling refers to a multi-bet that combines several parlay bets on different combinations of teams or individuals into one wager. Round robin bets create a series of bets that cover various possible outcomes from your selections and thus increase your chances of winning.
So, how does a round robin work? Well, the best way to understand the meaning of a round robin bet is to go through the process of placing one. Below, we run through the steps of a round robin in sports betting from start to finish.
Round Robin Bet Example
To better understand how this bet type works, let’s examine an MLB real-world round robin example from BetOnline, one of the top offshore sportsbooks in the US. We’ve chosen to use BetOnline as an example because it has some advantageous features for round robin betting.
In our example, we will place a baseball round robin bet on four MLB games. To keep it simple, we are just betting on the moneyline, but you don’t have to use the same bet type. You can mix it up with some selections on the moneyline, the run line, the over/under, etc.
Our four selections are:
Red Sox v Royals = Red Sox to win (odds of +135)
Mets v the Rockies = Mets to win (odds of -155)
The Tigers v The Mariners = Tigers to win (odds of +121)
Phillies v The Dodgers = Phillies to win ( odds of +122)
After adding all our selections to our Betslip at Betonline, you can click the Create Round Robin button, as shown in the image below.
You now have several options on the bet slip. These options are 2s (doubles), 3s (trebles), 2s, and 3s and by 2s to 4s. We want to do a full all-combinations round robin, including all possible double, treble, and fourfold bets, so we select the by 2s to 4s. As you can see from the image below, this is eleven bets (6 doubles, 4 trebles, 1 fourfold).
We enter the stake we want to place. Remember, for a round robin, this is a stake for each bet, and in this case, we have 11, so a $10 is $110 (10 x 11). You can then view your potential winnings. In the case of our bet, that $809.84.It’s an excellent little return if all sections come in.
Remember that this “Win Amount” is if all the results you predict happen. If one of the teams loses but the others win, we will still win some money, but it will not be the full $809.84.
Understanding How to Calculate Round Robin Odds
Working out round robin odds and your return can be pretty tricky. A free round robin payout calculator is the easiest way to determine your potential winnings, and the best online sportsbooks will usually show you all your potential winnings. However, it’s a good idea to have an understanding of the basics.
While it is possible to work out the American odds and potential payout of round robins, the process and math are much more confusing than if you use decimal odds, so if you want to make life easy on yourself, then always convert to decimal.
Here’s an example of calculating the odds of a 3-team round robin. Let’s say we are betting on three college basketball teams to win. We won’t be specific with names and just refer to them as teams A, B, and C.
Team A: + 250 (decimal odds 3.5)
Team B: – 150 (decimal odds 1.67)
Team C: -125 (decimal odds 1.8)
We simply multiply each team’s odds to work out the odds of each bet in our round robin.
Team A and B double: 3.5 x 1.67 = 5.845
Team A and C double: 3.5 x 1.8 = 6.3
Team B and C double: 1.67 x 1.8 = 3.006
Team A, B, and C treble: 3.5 x 1.8 x 1.67 = 10.521
To calculate each bet’s payout, we multiply our stake by the decimal odds. So, with a $10 stake on each bet, then our payouts would be as follows:
A and B double: $10 x 5.845 = $58.45
A and C double: $10 x 6.3 = $63
B and C double: $10 x 3.00 = $30
A, B, and C treble:$10 x 10.521= $105.21
Finally, we can calculate our total profits based on the different winning combinations. To do this, we will take the payout for each possible combination minus our total stake of $40.
All teams win: $105.21 – $40 = $65.21 profit
Team A Loses: $30 – $40 = – $10 loss
Team B loses: $63 – $40 = $23 profit
Team C loses: $58.45 – $40 = $18.45 profit
As you can see from our round robin bet example, the odds and profit are affected by the combinations of which teams win and lose. In two of the possible outcomes, one of our selections loses, but we still make a profit. However, if team A loses, we still win a bet but make a $10 loss.
How to Place Round Robin Bets
We’ve already covered the process of placing round robin bets in detail earlier in this guide, but here are the five succinct steps in placing a round robin bet.
Make your team or individual selections.
Create parlays from your selections.
Choose your stake; remember, the stake is multiplied by however many lines (parlays) in the round robin.
Place bets.
Calculate the odds and payouts using either manually or with a round robin odds calculator.
Round Robin Strategies
Round robins are hard to win but can produce huge returns. Here are some tips on implementing the best round robin strategy that can help you make winning selections and maximize your profits.
Full Coverage
Full coverage is a round robin betting strategy that covers all combinations of parlays possible from your selections. Using full coverage gives you the best chance of winning bets and the most leeway in terms of some of your selections being incorrect. However, it requires a larger stake, so it doesn’t necessarily guarantee you the highest profits.
Limited Coverage
This is a sports betting strategy that involves selecting a portion of all possible combinations of a round robin bet instead of every possible bet. For example, in a four-team round robin, you might decide to leave one team out of the doubles and/or trebles, so out of teams A, B, C, and D, you may just bet AB, AD, and BD, leaving out the AC, BC, and DC bets.
Focus on Favorites
Focusing on favorites in your parlays increases your chances of winning, as they are favorites for a reason. However, your potential payouts will be lower when applying this strategy.
Risk-Reward Balance
This is a betting system that entails balancing risk and reward based on the number of selections in your round robin and the parlays you choose. Higher combinations give you higher potential rewards but also higher risk. Smaller combinations like doubles are less risky, but returns are greatly diminished.
Diversified Markets/Sports
Spreading your round robin selections across multiple sports opens up far more betting opportunities. With more options, you are more likely to find betting opportunities.
Pros and Cons of Round Robin Sports Betting
Opinions on round robins differ a lot between gamblers. Those who use them say that they provide flexibility in the number and type of parlays you can create. Also, compared to traditional parlays, they give you insurance on if one or more of your selections is wrong.
Those against them argue that the risk-to-reward factor isn’t worthwhile as you have to lay out multiple stakes. You can choose to reduce your stake size to make up for this, but then your potential profits will be reduced. Here’s a list of some of the pros and cons of round robin.
Pros
Partial wins
Provide flexibility
Higher potential payouts
Lower risk than traditional parlays
Cons
Higher complexity
Lower profit margins
Round Robin Examples With Different Sports
By now, you should have a good idea of how round robin bets work, but to give you a more comprehensive understanding, let’s examine how the round robin betting system works in a few different sports.
Football
NFL betting is one of the most popular ways to gamble in the US, with around $23 billion wagered on Super Bowl LVIII in 2024. So, let’s look at what an NFL round robin might look like. First, we pick three games to bet on and our selection for each game.
Basketball
Basketball is hugely popular among gamblers in the US. Millions of dollars are gambled on NBA games every week, but perhaps the biggest basketball betting event in the US is March Madness, with billions of dollars wagered during the tournament every year.
If all selections win, we will receive a $570.82 payout. We would still make a profit if any of the four selections were incorrect, and as long as Dukes wins, the profit will be pretty decent.
For example, if only Cornhusker’s prediction were incorrect, we would win four of our bets and net $168.27, giving us over $100 in profit. If Dukes lost but everyone else won, we would net $80.60 for a profit of just over $25, which still leaves us in the black but nowhere near as much.
Golf
Golf might not do the same numbers as football or basketball, but around $5 billion is bet on the sport in the US annually. It’s also a great sport for round robins as it can provide appealing odds even when betting on players to place (finish in the top 5,10,20, etc.)
Golf is also great for live betting, as competitions take place over several days, and each round takes multiple hours. This allows you to assess how players are playing before making your selections, but remember that odds will change during live betting based on current standings.
Here’s how a bet on a PGA golf tournament might look like:
Understanding Round Robin Lingo
There’s a lot of lingo to do with round robin parlays and other muti-bets that you’ll hear in the world of sports betting. Here are some terms you should familiarize yourself with:
Trixie: A Trixie bet is a multiple bet composed of three selections. A Trixie has four bets, three double bets, and one treble.
Patent: A Patent is another multiple bet composed of three selections like a Trixie. However, in a patent, you add three extra single bets to each selection, making a total of seven bets.
Yankee: A Yankee is a combination bet comprised of four selections. A Yankee has eleven bets, six doubles, four trebles, and one four-way parlay.
Lucky 15: A Lucky 15 is a bet comprised of four selections and 15 bets: four singles, six doubles, four trebles, and one four-way parlay.
Heinz: A Heinz is a multi-bet on six selections. There are 57 bets in a Heinz, 15 doubles, 20 trebles, 15 fourfolds, 6 fivefolds, and 1 sixfold.
Super Heinz: A Super Heinz is a combination bet comprising seven selections and 120 bets. It is made up of 21 doubles, 35 trebles, 35 fourfolds, 21 fivefolds, 7 sixfolds, 1 sevenfold accumulator.
Lucky 127: This is a 127-bet combination parlay on seven selections, it’s basically a Super Heinz bet with seven extra singles bets. The bet consists of 7 singles, 21 doubles, 35 trebles, 35 fourfolds, 21 fivefolds, 7 sixfolds, 1 sevenfold
Lucky 63: There are 63 bets on six teams comprised of 6 singles, 5 doubles, 20 trebles, 15 fourfolds, 6 five-folds, and 1 sixfold.
Other Useful Betting Guides on ReadWrite
Here are some other helpful guides on how to bet on sports and different betting systems and strategies.
What We Have to Say About Round Robin Betting
A round robin is not always the best sports betting strategy to use. As you’ve seen, these bets can become expensive very quickly, and even a four-team selection will have eleven bets in a all combinations round robin. While they lower the risk of traditional parlays, you can still win bets when one or more of your selections lose. If the wrong team or teams lose, you still lose money.
However, there are times when a round robin in betting can be helpful, such as when backing several underdogs or when you are confident about several results but unsure about one or two and want to have insurance in case one selection fails. Now that you know more about this bet type and how it works, we recommend trying it out for yourself at one of the best sportsbooks in the US, BetOnline.
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FAQ
What’s a round robin bet?
The round robin meaning in betting refers to a type of multi-bet that combines multiple parlay bets into one wager. It’s different from a traditional parlay bet, as one (or more) of your selections can be incorrect, but your bet still wins.
Is round robin betting worth it?
Round robin bets can be worth trying for the right matches or events. But multi-bets are notoriously risky and difficult to profit from. If you’ve done your research and are confident in a set of results but unsure about one or two, then a round robin bet can be worth it.
How does the round robin work?
A round robin combines several parlay bets on a selection of teams or individuals into a single wager. Combining several bets reduces the risk, as even if one (or more) of your selections is wrong, you can still win and potentially profit.
How many bets can you lose in a round robin?
The number of bets you can lose in a round robin depends on the number of selections in your bet. The more selections you have, the more bets you can lose and potentially make a profit, but it depends on the odds of the selections that succeed.
Responsible Gambling
Practicing responsible gambling is essential to protect yourself from the dangers that are present when betting. Problem gambling and addiction can cause serious issues, including physical and mental health struggles as well as financial insecurity.
If you believe you or someone you know is suffering from a gambling problem, you should seek professional help. Here are some organizations that provide more resources and information for those struggling with an addiction to gambling.
Resources
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Amazon’s Leadership and Corporate Culture: Lessons from Jeff Bezos
Amazon, one of the most influential and innovative companies in the world, has a corporate culture and leadership philosophy shaped largely by its founder, Jeff Bezos. Bezos’s approach to leadership and his vision for Amazon have set the company apart in the highly competitive tech and retail sectors. This article explores the key elements of Amazon’s leadership and corporate culture, and the lessons that can be drawn from Bezos’s unconventional methods.
The Bezos Leadership Philosophy
Jeff Bezos founded Amazon in 1994, and his leadership philosophy has been instrumental in driving the company’s success. Central to Bezos’s approach is a relentless focus on the customer. He famously emphasized, “We’re not competitor obsessed, we’re customer obsessed. We start with the customer and we work backwards.” This mantra has guided Amazon’s product development, customer service, and innovation strategies.
Bezos’s customer-centric philosophy manifests in various ways. For instance, Amazon’s customer service policies are designed to maximize customer satisfaction, often going above and beyond industry standards. This includes offering easy returns, fast shipping, and a broad range of products. The commitment to customer experience is not merely a slogan but a guiding principle that influences every aspect of Amazon’s operations.
Innovation and Risk-Taking
Another hallmark of Bezos’s leadership is a strong emphasis on innovation and risk-taking. Bezos has been known for his willingness to experiment and embrace failure as part of the innovation process. His approach is encapsulated in the principle that “failure and invention are inseparable twins.” This mindset has led to the creation of groundbreaking products and services such as Amazon Web Services (AWS), Kindle, and Alexa.
Bezos encourages employees to think big and explore unconventional ideas. Amazon’s “Day 1” mentality, as described by Bezos, means treating every day as if it were the first day of the company’s existence. This approach fosters a culture of continuous improvement and creativity, where employees are motivated to push boundaries and explore new possibilities.
The Two-Pizza Rule
Bezos’s leadership style also emphasizes the importance of small, agile teams. The “Two-Pizza Rule” is a notable example of this principle. According to this rule, teams should be small enough to be fed with two pizzas. The rationale behind this is that smaller teams are more effective at communicating and collaborating, which leads to faster decision-making and more innovative solutions.
The Two-Pizza Rule has influenced Amazon’s organizational structure, promoting a decentralized and flexible approach to management. It encourages teams to be autonomous and take ownership of their projects, leading to a more dynamic and responsive organization.
Long-Term Thinking
One of the defining features of Bezos’s leadership is his long-term thinking. Bezos has consistently prioritized long-term goals over short-term gains, a strategy that has often led to criticism from investors focused on quarterly results. However, Bezos believes that focusing on the long term is essential for building a sustainable and successful business.
This long-term perspective is reflected in Amazon’s investments in infrastructure, technology, and talent. For example, Amazon’s substantial investments in its fulfillment network and cloud computing services were made with the expectation of significant long-term returns. Bezos’s willingness to forgo immediate profits in favor of future growth has been a key driver of Amazon’s success.
Leadership Principles
Amazon’s leadership principles are a cornerstone of its corporate culture and reflect Bezos’s values and vision. These principles guide decision-making, employee behavior, and company policies. Some of the most notable principles include:
Customer Obsession: Always start with the customer and work backwards. Work to earn and keep customer trust.
Invent and Simplify: Seek out new solutions and simplify processes to make things easier for customers.
Hire and Develop the Best: Raise the performance bar with every hire and promotion. Recognize exceptional talent and help them grow.
Deliver Results: Focus on the key inputs for your business and deliver them with the right quality and in a timely fashion.
These principles help create a unified company culture where employees are aligned with Amazon’s mission and values. They also serve as a framework for evaluating performance and making strategic decisions.
A Culture of High Standards
Bezos is known for his insistence on high standards, which is reflected in Amazon’s corporate culture. He believes that maintaining high standards is crucial for driving excellence and innovation. This approach has led to a demanding work environment where employees are expected to deliver exceptional results and continuously improve.
While this culture of high standards has contributed to Amazon’s success, it has also been a point of contention. Critics have pointed to the intense pressure and high expectations placed on employees, leading to concerns about work-life balance and employee well-being. Bezos and Amazon have addressed these concerns in various ways, including investing in employee benefits and programs aimed at improving workplace conditions.
Lessons for Other Organizations
Amazon’s leadership and corporate culture offer several valuable lessons for other organizations:
Customer Focus: Prioritizing the customer can drive innovation and create a competitive edge. Companies should continually seek to understand and meet customer needs.
Embrace Failure: Viewing failure as a learning opportunity rather than a setback can foster innovation and resilience. Encouraging experimentation and risk-taking can lead to breakthroughs.
Small Teams, Big Impact: Smaller, autonomous teams can be more agile and effective. Empowering teams to make decisions and take ownership can drive productivity and creativity.
Long-Term Vision: Balancing short-term pressures with a focus on long-term goals can lead to sustainable growth and success. Investing in future-oriented projects can pay off over time.
High Standards: Setting high standards and striving for excellence can drive performance and improvement. However, it is important to balance this with consideration for employee well-being.
Conclusion
Jeff Bezos’s leadership and Amazon’s corporate culture have been instrumental in shaping the company’s success and influence. Bezos’s focus on the customer, innovation, long-term thinking, and high standards has created a unique and powerful organizational environment. While there are challenges associated with this approach, the lessons from Amazon’s leadership can provide valuable insights for other organizations striving for excellence and growth.
