1. Open free accounts with numerous reputable online sports betting bookmakers. Start with at least the sportsbooks on the left but two dozen accounts don't hurt either. This is free, and the more bookmakers, the more possibilities. Use the Sportsbooks – Top 30 to deal only with reputable bookmakers.
2. Only watch events with 2 outcomes. A political race with 2 candidates—a match-play golfing event—a one-day cricket match that does not allow for a “draw”—etc. If there were 3 or more possible outcomes, you would have to wager at least 3 ways, greatly reducing any margin.
3. Find the 2 bookmakers offering the lowest price for each side. You can use a calculator, but if possible, configure a spreadsheet to speed up these calculations.
4. Start with small wagers on the widest price discrepancies. There are opportunities almost every day, but as a beginner you may make mistakes, so plan to watch for several days in several categories until you spot something special.
5. Bet immediately and together. When ready to bet, open two windows with your browser, one for each bookmaker. Deposit the necessary funds for each. Proceed to the pricing page in each window. “Refresh”—re-check the prices—place your bets.
Caution: watch for stake limits. Before you attempt to place these simultaneous sports bets, be sure to check that for both bookmakers, you are within the maximum allowed. Most sports betting bookmakers list this, but some do not. If one does not list their maximum: then place that bet first and make sure it is accepted. If a bet ever is over-limit, then you will be told the limit and should make note of it. If both bookmakers do not list a maximum, contact them and ask.
6. Take notes and keep records. Depending on your country, you may or may not need to pay taxes on net profits. In any case, you need to keep track of all costs. Also, note the event, the maximum bet allowed, and the location of each sports bookie. Soon you will learn to factor in all limitations—and you will know the “arbs” like a bee after honey.
7. Go for diversity, not jackpots. Unlike other forms of “advantaged gambling,” with sports betting arbitrage you do not compete directly with other players or with the bookmakers, so stress is nominal. However there are mixed feelings, it is imprudent to stand out. Therefore instead of larger and larger bets, make an increasing number of moderate bets. This eliminates possible complications and amounts to the same profits.
8. Keep looking and learning. Specialize in one type of event first. Then each time you get the feel for one category, start poking your nose into another. Then your experience and your bankroll will grow steadily and together.
9. Watch for special events. Just because you “never heard of something” is not a reason not to place a sports bet. On the contrary, during some car racing events for example, sports betting bookmakers have set some rather wild odds in new match-up listings that pair numerous sets of two drivers. Such “bookmaking experiments” can create an sports betting arbitrage windfall that seems “almost too good to be true.”
