Round Robin vs Parlay
Expert comparison of two multi-leg betting strategies. See exact payouts, risk profiles, and when each strategy maximizes your ROI.
What Is a Parlay?
A parlay combines 2+ independent bets into a single wager. ALL legs must win for the parlay to cash. Winnings from each leg roll forward to the next leg. One loss = entire parlay loses.
Core Mechanic: If you bet $100 on Leg 1 (-110) and win, you get ~$191. That $191 becomes your bet on Leg 2, and so on. If you hit all legs, payoff is massive. If you miss one, you get $0.
3-Leg Parlay Example ($100 initial):
Leg 1: Chiefs -110 @ $100 → Win = ~$191
Leg 2: Yankees -110 @ $191 → Win = ~$365
Leg 3: Lakers -110 @ $365 → Win = ~$698
Total Payout: ~$698 (599% ROI)
If any leg loses: $0 payout
What Is a Round Robin?
A round robin automatically creates multiple smaller parlays from your selected legs. Instead of one 3-leg parlay, you get multiple 2-leg combinations. You win money if ANY combination hits (not all).
Key Advantage: If only 2 of your 3 picks hit, a round robin wins. A parlay loses. You're trading maximum payoff for higher probability of winning something.
3-Team Round Robin (2x2 Combinations):
Combo 1: Chiefs + Yankees (2-leg parlay)
Combo 2: Chiefs + Lakers (2-leg parlay)
Combo 3: Yankees + Lakers (2-leg parlay)
Total cost: $300 ($100 per combo)
Win ANY 2-leg combo and you profit
Payout Comparison (3 Teams at -110)
| Outcome | Parlay ($100) | Round Robin ($300) | Winner |
|---|---|---|---|
| All 3 Win | $829 | $1,488 (all 3 combos hit) | RR (profit) |
| 2 Win, 1 Loss | $0 LOSS | ~$275 PROFIT | RR Huge Win |
| 1 Wins, 2 Loss | $0 LOSS | $0 LOSS | Both Lose |
| All Lose | -$100 | -$300 | Parlay worse per $ |
The Critical Difference
In the "2 win, 1 lose" scenario: Parlay bettors lose $100. Round robin bettors WIN $275. This is why professionals prefer round robins for moderate confidence bets.
Risk Analysis & Probability
📊 Parlay Risk Profile
Win Condition:
ALL legs must hit
With 3 legs @ 60% each:
Only 21.6% win rate
Variance:
Extreme: Often $0, sometimes huge payday
Max Loss:
$100 per parlay
📊 Round Robin Risk Profile
Win Condition:
ANY 2+ legs hit (out of 3)
With 3 legs @ 60% each:
78% win rate
Variance:
Low: Frequent small/medium wins
Max Loss:
$300 (but much higher win %)
When to Use Each Strategy
Use Parlay When:
- • You're highly confident in ALL legs
- • You want a lottery ticket for maximum payoff
- • You're willing to lose $100 for 5-6x return potential
- • Legs are strongly correlated (team wins + over)
Use Round Robin When:
- • Mixed confidence (some picks stronger than others)
- • You want more frequent wins
- • You prefer $300 cost with 78% win rate vs $100 cost with 22% win rate
- • You're testing a new betting system (durability matters)
Avoid Both When:
- • You have low-confidence picks (negative EV)
- • Your picks have poor closing line value
- • You're emotionally betting (chasing losses)
- • No real edge exists on the individual bets
Calculate Your Strategy
Use our calculators to compare exact payouts for parlay vs round robin on your specific picks.
Parlay CalculatorAlso try: Round Robin Calculator
Related Guides
Correlated Parlays
Link dependent bets
Closing Line Value
Measure your edge
Arbitrage Betting
Risk-free opportunities
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