A Round Robin is simply a nickname for parlay wagering on a group of selections (at least three or more) that are to be included in a combination of individual parlays.
Put another way, a round robin is a very simple way to make a whole bunch of parlay wagers with one single bet.
For example, if a player asked for a $100, three-team Round Robin parlay with teams A, B, and C. He/she is simply requesting a two-team parlay with teams A and B, another parlay with teams A and C, and another with teams B and C, for a total of 3 individual parlays, each for $100. The total amount risked would be $300.
Round Robins get more complex as the number of teams increases. A Four-team Round Robin “by twos” for $100 would mean that the bettor wants Four teams to be included in a combination of two-team parlays. This would be a total of six individual two-team parlays, for a total risk of $600. If the request is for a Round Robin “by threes”, it would include a total of Four possible combinations, for a risk of $400.
4 Team Round Robin Parlay Example
A player requests a $100 Four team Round Robin “by twos”, with teams A, B, C and D. The possible combinations would be as follows:
Teams AB $100 to win $260
Teams AC $100 to win $260
Teams AD $100 to win $260
Teams BC $100 to win $260
Teams BD $100 to win $260
Teams CD $100 to win $260
If all Four teams win, the player wins $1240, while risking only $600! If one Game loses, there is still a profit, even though three of the parlays would lose. The three winners get back $780, plus the $100 laid for each parlay, for a total of $1080. After subtracting $300 for the 3 losers, the player profits $480!
Just like in standard parlays, selections from every league and sport can be included!
Another very popular alternative wager is the Reverse Bet. Reverse Bets Explained Here.