If you’re betting on sports every week and still not turning a profit, it’s likely you have no strategy in place. Sports betting is growing substantially in the United States , and many new sports bettors are looking for a way to win more in the long run. We have an interesting and profitable sports betting strategy called arbitrage betting that will make you look like a skilled handicapper.
Arbitrage betting involves betting on multiple outcomes of the same game to ensure you don’t lose. Many sportsbooks prevent you from betting on the same game to mitigate this, so you will need two or more sportsbook accounts to be able to use this strategy properly. While this strategy isn’t going to guarantee huge payouts you can minimize your losses by betting either side of a game at a different sportsbook to ensure you win something.
As you may have guessed, no sportsbook has the same odds either, and you won’t win the same amount betting on either side of a wager. Let’s look at an example:
You might take the Boston Celtics at -165 at one sportsbook, who play the New York Knicks and are listed at +180 at another sportsbook. If you choose to bet $100 on the Celtics at the first sportsbook, you will have to bet $57 on the Knicks at the second sportsbook to earn a $4 profit. This will ensure you don’t technically lose money, but also won’t make you rich.
Arbitrage betting can be time consuming if you are constantly monitoring a few different sportsbooks for odds. If you can find a site that allows you to monitor odds in one convenient location, it’ll help you find the best odds for arbitrage betting.
Sportsbooks do monitor wagers and look out for arbitrage bettors regularly. If you give yourself away, they could penalize you and suspend or cancel your account. While you are working on two different sportsbooks, they can identify arbitrage bettors by how you wager.
If you place a wager totalling the exact amount you need to wager to win a certain amount, it would be a very random number like $67.45 – if you bet this amount, you will likely give yourself away. Round your bets up to an even dollar amount, like $68 or even $70 looks less suspicious.
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If you succeed at arbitrage betting, you will start earning some great money, but you will want to use it to supplement income, which makes it tempting to make frequent withdrawals of your winnings. This can be also a hint to the sportsbooks – try to make less frequent withdrawals even if your sportsbook wallet is swimming in money.
Mix in a parlay if you want to throw off the scent. Parlays are much riskier and arbitrage bettors are not risky at all, so it can show a sportsbook that you aren’t only seeking profitable opportunities, but you’re willing to take some risks as well.
Arbitrage betting does have its benefits, and if you can correctly identify great opportunities, you can make huge amounts of money in the long run, as long as you don’t get flagged by a sportsbook.
This would be much easier to do at local retail sportsbooks in your area, versus online where they’re far more advanced technologically. If you have a few sportsbooks in your state, you can easily do this – choose a brick and mortar sportsbook to attend, and bet online on your phone at another (if they have an online platform to bet on).
This can be a great way to supplement your income after you’ve retired, if you have the capital to do so – don’t bet away all of your savings.