Back to You, a television sitcom that ran from 1989 to 1994, centered on a group of best friends in the business world who competed in a poker game. One of the most memorable episodes of Back to You involved the friends playing what they thought was a harmless game of poker against an army of loan sharks commanded by Mickey Rooney’s character, Elmo Tucker.
On the surface, the premise of Back to You—which was inspired by the 1950 film, Best Friends—appeared to be harmless: Three adult friends play poker against each other. In reality, it was a game of chance, in which the house always won. The only way for the players to have any hope of winning was by collaborating with each other and rounding the winning numbers up or down. To keep the game interesting, each round of betting was based on the previous round’s results: In other words, if you bet, and you lose, your money will be given back with some additional compensation. In the end, this system is rigged and the game is played for money which is stolen from the participants.
The concept of round robin—which literally means “to circle around” in Latin—can be applied to a variety of situations, not just sports betting. For example, if you’re participating in a crowdfunding campaign for a new business or creative project, you could use round robin to distribute your investment amongst a group of similar ventures that you’ve funded and supported.
Alternatively, you could use it to organize your sportsbook betting—especially when betting on more than one game—by randomly allocating stakes to each game. In this scenario, you would essentially be playing “heads-up” poker with your opponent across multiple gaming devices, with the house advantage constantly shifting, and there is no straightforward way to determine who has the winning hand.
What is most suitable for your needs will depend on your specific situation. For example, if you’re a business owner who is looking for ways to spread your risk, you could use a round robin approach to distribute the risk among a group of limited partners. Alternatively, if you’re running a sportsbook and need a way to dynamically manage your lineups, you could use a round robin approach to assign players to seats according to their performance in previous games.
Let’s say you’re the owner of a sportsbook and want to take advantage of the “group thinking” that often occurs in online betting communities. You could use a round robin system to allocate seats according to the combined betting volume of the group. After all, it’s usually the people who put the most money on the table that think they have the best chance of winning. In this case, you would want to allocate the most money to Player A, the next largest stake to Player B, and so on.
How Does It Work?
To keep things simple, let’s say that you’re using an eight-game sportsbook wagering platform and you want to distribute your bets amongst a group of three friends, Jane, Fred, and George. As the owner of the sportsbook, you will determine the odds of each game and you will set the betting limits for each individual game. For example, you could decide that the total payout for the series—that is, the final scores of all eight games—will be limited to $10,000. Your three friends will then evenly split the payout if they win, or if they are defeated in a best two-of-three match, they will lose their share of the pot.
To start, you will give each of your friends $2,000 to put in the pot as their first stake. Since Fred is the smallest friend and is thus also the “bank,” he will be allotted the lowest odds of any game, 1.8. To follow, you will set the odds of the second game to 2, the odds of the third game to 2.2, and so on.
With three staked, the betting for the first game will begin. Fred puts in the equivalent of $4,000 (36 x 2), George puts in the equivalent of $6,000 (48 x 2), and Jane puts in the equivalent of $2,000 (24 x 2). The total amount bet is $16,000. The payout for this game will depend on the odds set by you, as the owner of the sportsbook: Since Fred has the lowest odds, he will be eligible for a $10,000 payout if he wins. George and Jane will each receive a $5,000 payout if they win.
With two staked, the betting for the second game will begin. Fred puts in the equivalent of $8,000 (72 x 2), George puts in the equivalent of $12,000 (96 x 2), and Jane puts in the equivalent of $4,000 (48 x 2). The total amount bet is $28,000. The payout for this game will again depend on the odds set by you, as the owner of the sportsbook: Since Fred has the lowest odds, he will be eligible for a $15,000 payout if he wins. George and Jane will each receive a $7,000 payout if they win.
When Do You Use It And Why?
The main advantage of using a round robin approach to organize your sportsbook betting is that it allows you to dynamically adjust your lineups. As previously mentioned, one of the disadvantages of going it alone is that the house always wins. In the case of Back to You, whenever Mickey Rooney’s character, Elmo Tucker, played poker, the house always won. With a round robin, you could change things up a bit by having different people deal with different games; for example, could assign the NFL games to one friend, the NCAAF games to another, and the soccer to the third. This would create more of a fair fight, and you would be less likely to run into problems with cheating since everyone would have an equal chance of winning or losing.
Round robin is a flexible strategy that can be adapted to a variety of situations. If you’re looking for a way to play it safe and avoid problems, you can use a system of fixed odds—in which you set the odds for each game in advance—but you will sacrifice a bit of the excitement of the game. Alternatively, if you’re looking for a way to have fun while also keeping your money, using a round robin approach as a part of your sportsbook betting can be a good option. Just remember that, ultimately, the house always wins, so you’re better off not getting involved in the first place.