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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!
Mr Schultz is a writer for www.supabets.com betting site an archive of free tips and tricks for betting fans.