What is Arbitrage Betting?
Arbitrage betting, often referred to as "arbing" or "sure betting," is a strategy in sports betting that aims to generate a guaranteed profit by placing multiple bets on all possible outcomes of a sporting event at odds that guarantee a profit regardless of the outcome. This technique takes advantage of discrepancies in odds offered by different bookmakers or betting exchanges.
The concept of arbitrage betting is based on the principle that bookmakers may offer different odds for the same event. It is not possible to make an arbitrage wager by making two bets with the same betting company.
By carefully selecting and placing bets on all possible outcomes across multiple bookmakers, a bettor can potentially lock in a profit regardless of the actual result of the event.
Arbitrage opportunities occur when the combined probabilities implied by the odds offered by bookmakers are less than 100%. This discrepancy allows bettors to place strategically sized wagers on each outcome, ensuring a profit regardless of which outcome actually occurs.
Understanding Arbitrage Betting Concepts
To fully grasp arbitrage betting, it's essential to understand several key concepts that form the foundation of this strategy.
These include implied probability, overround, and the mechanics of how arbitrage opportunities arise in the betting market.
Implied probability is the likelihood of an outcome occurring, as suggested by the odds offered by bookmakers.
The mechanics of arbitrage betting involve identifying these opportunities and then placing precisely calculated bets on each outcome to lock in a profit. This often requires quick action, as odds can change rapidly, especially in live betting markets.
Example: In a soccer match, if Bookmaker A offers odds of +110 for Team X to win, and Bookmaker B offers odds of +115 for Team Y to win (in a two-way market), an arbitrage opportunity exists. The implied probabilities are 47.62% and 46.51% respectively, summing to 94.13%, which is less than 100%.
Nick has been fascinated with sports since he was first taken to a Toronto Maple Leafs game back in 1998, and he's written about them professionally since 2014.
Nick has covered baseball and hockey for outlets like The Athletic, Sportsnet, and Yahoo Sports, and his sports betting expertise has grown since its legalization in Ontario in 2022.
Between 2022 and 2023 he worked for a betting startup called NorthStar Bets, and in 2024 he contributed to Oddspedia before joining the Responsible Gambling team.