I am in Australia and I have had my run. I successfully made about 3-4k risk free profit (Starting with $1k bankroll) but that joy came to an end pretty quickly. It only took the bookies about 1-2 weeks to catch onto what I was doing (don’t think you can outsmart them, they will cotton on!!) and fully restrict my accounts to maximum bets of $1-$10. This has happened to me on, SportsBet, Bet365, Ladbrokes, BetEasy, Neds & TopBetta. All of these books also disabled my ability to place in-play bets over the phone. Once they realise you are Arb betting they will shut you down & once you’re shut down and restricted there is no getting that account back ever! I have tried.. they will however allow you to keep the funds you’ve deposited along with all of what you have already won before they’d realised you’re Arb betting (this is from my own experience, but it did take me days of talking with customer support online/over the phone to have my funds released from a few different books).
Once I’d taken all of my money from my restricted accounts, I put Arb betting to rest as the pain and hassle of it all was outweighing the profits coming in. That’s not to say I won’t throw money on some Arb opportunities I find on books that have no yet restricted/banned me, but it is rare now, only because I have a limited number of books left that I can use in Aus. and I’m not looking to get myself restricted/banned on them all!!
I made my money finding arbitrage opportunity on NBA player props but like I said, that didn’t last too long because I didn’t do enough research. Bookies have multiple measures in place to pick out the Arb betters because at the end of the day and one thing we don’t think too much about is that bookies (in Australia anyways) will share data about “Sharp Betters” & those that they assume/can see are arbitrage betting. Look into & research how they pick up on what you’re up to!
In short, it can be a profitable venture but I can assure you it will all come to an end sooner or later, that is unless you look into arbitrage betting on betting exchanges such as BetFair that openly promote arbitrage betting, but betting on an exchange can be very different to betting with a reputable sports book (DYOR).
I’ve just got out of bed and really just gleaned over this and thrown out what I think is important to know, so I’m sorry for the poor format and the going back and forward between points but I think you’ll get it. Anyways, all the best with it all man.