Last year I successfully used sports arbitrage and made a nice amount of money, not enough to live on but I got a few thousand from it.
I do not think you can stake enough to make a good living from arbitrage and I find software like rebel betting too expensive to justify the monthly cost. Before I continue due to changes in my working hours I can not watch the UK markets to bet so often… that is how I found this site.
I made most money on horse racing, I never bet in-play and most bets were placed about 5 to 10 minutes to the off. To ensure I get my odds I usually have 2 internet windows open, an odds calculator in excel and a spreadsheet to record my actions. I would enter the stake into the bookies and lay into betfair, confirm at befair then place the bet at the bookies. If the odds had changed I would just cancel both bets.
I made money on other sports also but not as much. My stakes: On the horses I would bet £10 to £20 (lay of up to about £200), but with so many horse races per day I did well and could make £50 or so in around 3 hours.
In a football match for example I would bet around £100 at the bookies and always rounded up or down as I did not always lay it off, I sometimes used other bookies.
I did use some higher stakes on some occasions and I did and still do draw money from my bookies accounts without problems. I deposit money with them too, which helps to keep them open I think. I keep £2000 spread over 11 accounts. I never keep more than £200 in a bookie account and withdraw to a bank account with a card attached so I can place extra into any account should I need extra funds. As I win more I will have more money over these accounts, but will stick to my same rules of £200 in a bookies account and no more than £100 stakes, with less on quicker sports like greyhounds or horse racing. That way I feel I am under the radar and shouldn’t get an account closed.
Sport arbitrage is not for everybody, nor is it something you should use to make a living. I do not see it as work and do not mind sat doing it for a few hours to make around £2-300 a week, sometimes I earned less. I’ll not go into how I do it as it does seem harder these days as it used to be, the odds are grabbed very quickly so I miss a lot more arb’s than I used to.
I sometimes make mistakes and have lost the odd hundred here and there but over all I am in profit.
I hope this helps give some of you an overview of arbitrage, though I am sure others who try and bet more, will have a totally different outlook and no doubt have complaints of closed accounts.
I just think that in this business you can not be too greedy, as the bookies will always win if you let them, the odds are always in their favour.