Again, consider the example of the Colts, the Eagles and the Giants in a two-way Round Robin parlay. Instead of putting all your money on one three-team parlay, you split it three ways with three two-team parlays. Using our standard parlay payoffs of 13/5 for a 2 team parlay and 6/1 for a 3 team parlay, consider the following:
If you put $10 on each leg of a 3 team 2-ways Round Robin and two teams hit, you win one of your three parlays for a return of $36 - turning a small profit considering the $30 investment.
If all three teams hit, you win all three parlays for a return of $108.
You could put all $30 on a three-team parlay, and the return if they all hit would actually be $210 - almost double the $108 return of a Round Robin. That is the price you pay for hedging. But over time, the Round Robin actually is the smarter mathematical bet. Each side you pick should be a 50-50 proposition, and the laws of probability determine that you should be able to hit three such propositions in a row once out of every eight times you bet it (1/2 x 1/2 x 1/2 = 1/8). However, you should also get two of the three correct another three times out of those eight. If you bet three-team parlays for $30 each, you can expect a return of $210 once out of every eight plays, on an outlay of $240. By spending that $30 on eight Round Robins, you'll have the same $240 outlay with a return of $216 - a one-time return of $108 and three other returns of $36.
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Round Robin Parlay
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