The most common types of parlay bets are Round Robin and Teasers.
Robin Hood
A Round Robin bet is placing multiple parlay wagers at once. It’s just that simple. Round Robin bets are just a way to simplify making multiple parlays. When a bettor “Round Robin’s” teams in sports betting it’s similar to a horse bettor “boxing” horses for an exacta or trifecta bet in a race.
The bettor will select anywhere from 3 to 8 teams or totals to be in the Round Robin. They will then choose how many teams or totals they’d like to tie together for the Round Robin. For example, a bettor may select eight teams and totals for a Round Robin and tie the parlays to as many three-team combinations as possible.
The combination of teams will dictate how many different parlays the bettor has. Continuing the example, if a bettor wants to Round Robin eight teams they will have 28 different parlays if they choose two teams. If the bettor chooses to make three-team parlays they will have 56 different parlay tickets.
The ticket will cost the amount chosen for each parlay. If the bettor only has $300 they might choose to Round Robin the teams by two, so they have 28 different parlays for $10 each. The payout for each winning parlay is the same as it would be if the parlay bets were each made individually.
Benefits of Round Robin?
Score some wins even with setbacks! Round Robin parlays offer a safety net compared to traditional parlays. With a regular parlay, one loss dooms your entire bet. But a Round Robin lets you win some money back, or even turn a profit, even if you miss a pick or two (depending on the size of your parlay). This “hedging” power makes Round Robin a great option when you’re confident in most of your selections, but want some insurance against unforeseen circumstances.
Teaser
A teaser is similar to a traditional parlay where the bettor can select multiple teams or totals. However, there are no money lines allowed with a teaser. Unlike a parlay, the bettor may move each point spread or total plus or minus a certain number of points. The additional points on the spread or total make these bets easier to win and thus they pay less than a traditional parlay.
Teaser bets can change the point spreads or totals anywhere from six to 10 points. However, each leg of the teaser must use the same number of points. Those legs of the teaser may go in different directions.
For example, the Pittsburg Steelers -8 can be teased down five points to -3. Meanwhile, the Dallas Cowboys can be teased up six points from +4 to +10 points.
Much like a traditional parlay, the more teams involved with a teaser the better the payoff. Again, different sportsbooks have different odds and rules so they might have different payouts and teaser options available to bet.
Benefits of Teasers?
- Hedge Your Bets: Teasers allow you to adjust point spreads in your favor, making it easier to win your bets compared to traditional point spreads. This is like getting extra points as insurance for your pick.
- Bigger Wins with Reduced Risk: Though the odds are lower on teasers, the potential payout is still significant if you win. You’re combining multiple bets for a higher potential return, but with a safety net thanks to the adjusted point spreads.
- Maximize Your Return: Instead of winning each bet individually, teasers leverage your picks together, aiming for a bigger overall payout if you’re right about the overall trends.
- Flexibility for Savvy Bettors: Teasers offer control over the point spread, allowing you to tailor it to your specific game predictions. This can be powerful for bettors who have strong insights into specific matchups.
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