So ok, you know risks, but how does it actually work? Let's go back to US election between Bush and that Herman Munster guy, Democrat fella with long face (Kerry? Curry?). As you recall, it was close. No one knew for sure which way it would go. But what you could have done is put on a bet with UK bookie Coral that Kerry would win, and odds they would give you would have been 6/4 (i.e. a US 1.5 - bet $800, return $2,000).

At same time, your fave US bookie might have given you odds of 6/4 on Bush! That means if you took both bets, you are betting (risking) $1,600, but will win $2,000 WHATEVER result! Easy money or what? Bank a cool $400 for nothing.

How often does this happen? Quite a lot. For example, in a boxing match, US champ will, of course be favored by US bookies, but UK challenger will be top bet at UK bookies. Simply exploit difference. It works even within US too - a Varsity football match, for example, may find out of state team offering you an opportunity to arbitrage within home team state depending on demographics of customers using two US online bookies.

Generally, you can bet risk free on any sporting event with either 2 or 3 outcomes, such as Football, Baseball, Boxing, Basketball, Tennis, Soccer, Golf, Snooker, Cricket, Hockey, Ice Hockey and Darts. Are odds always as good as in example? No. Usually difference will be small. That is why you need large accounts.

Enjoy!

Once you have determined your average monthly income you will need to develop your budget just as if this was your regular pay.

Here's where it gets tricky. You aren't always going make amount you have budgeted. The only way to handle this is to save when you make more than what you have budgeted.

Here's an example:

You have determined that your monthly budget is $2000 per month;

In January you earn $2500. You will need to put away $500 of that money so that you can make up for any month that your income falls below $2000.

This sounds like a simple solution to a complex problem but it may not be as easy as it sounds unless you accustomed to saving money. It will take some discipline to make sure that money is there when you need it.

There could be a bright side to this method. If you are able to put extra money away and you have several months that you make more than your budget you could end up with a sizable savings account.

When setting up your budget make sure that you don't underestimate your bills and expenses. This is one of major reasons many budgets fail.

By averaging your income it will prevent "Feast to Famine" approach to your spending. It only makes sense to spread your income out so that you can cover all of your bills and expenses every month.