Being a bettor in Canada and hearing the phrase “Win little but always win” can make you get excited and, at the same time, question whether it is possible to do it legally. If everyone could win when betting, the bookies’ world would not make economic sense, and the business would collapse.
However, several factors must be taken into account when evaluating this statement: when applying arbitrage betting, very little is earned; it requires a lot of study time and the application of specialized software (BetWasp); and if it were illegal to apply it on Canadian soil, thousands of people would be imprisoned every day.
No law says that you cannot do arbitrage betting in Canada. This is because the use of this resource responds to its flaws and issues inherent to the betting system (national and global). Moreover, these flaws are so minimal and hard to detect, that what they represent for this multi-million-dollar industry is negligible.
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Does Betting Arbitrage Bother Bookmakers?
As mentioned before, the gain from arbitrage betting is so small that it does not imply a huge loss for the bookies. Compared, of course, to what they are earning. Also, you must remember that it applies between two different websites, so there is always a winning marker.
On the other hand, the profit of the bettor who applied arbitrage betting is part of the conglomerate of losses that a bookie is used to daily, and automatically compensates by the sure winnings they always have. And yes, bookmakers always win, and although it sounds funny, they do it by applying the same principle of arbitrage betting, but in reverse: “Win little but always win”. Click here to read more about the risks of arbitrage betting.
What Happens if You Get Caught?
However, it is possible that a website, if it detects that a client is continuously applying the sure bet —which, frankly, would not be possible if he is betting cross-betting between different bookies—can be banned and prevent him from continuing to bet there. Beyond that sanction, there is nothing forceful that can do.
Can take no legal actions against a customer who applies arbitrage betting. Moreover, as explained: the profit is so small that it does not represent a significant gain for the bettor or a hard hit for the bookie. On the other hand, there is a bookmarker that is winning —there is no way for both teams to win, except for a draw, and then the bet would be void—.
What About the Size of Arbitrage Profits?
The size of arbitrage profits is really small. It can range from 0.5% to 10% profit on the wagered amount —the latter is overly optimistic, as it is an extremely wide gap—.
Let’s take an example from the NHL so that what has just been said can be visualized:
The Winnipeg Jets will face off against the New York Rangers next Friday, October 14, at 8:00ET. The game will take place at Canada Life Centre, Winnipeg, MB, with an estimated crowd of 15,004. While the Rangers have won 4 of the last 5 meetings and have a goal average of 3.4 goals vs. 2 compared to their opponents, the odds are somewhat balanced. This is, of course, due to the Jets being at home. In addition, placed a huge bet in favor of the Jets at 888Sports, which caused the odds to drop and gave the perfect conditions for arbitrage betting. Read more about NHL Sports Betting Arbitrage.
Here are the numbers:
|Bookies||Jets odds||Rangers odds|
We apply the learned formula:
L (Betway) = 1/ 2.23 (Jets) + 1/ 1.80 (Rangers) = 0.448 + 0.555= 1.003 (0.3% profit for the house, approximately)
L (888Sports) = 1/ 2.05 (Jets) + 1/ 1.92 (Rangers) = 0.487 + 0.520= 1.007 (0.7% profit for the house, approximately)
We are talking about modest winning numbers for both bookies.
Make Cross Bets at the Higher Odds
L = 1/ 2.23 (Betway in the Jets’ favor) + 1/ 1.92 (888Sports in the Rangers’ favor)
L= 0.448 + 0.520= 0.968, i.e. a 3.2% profit in our betting arbitrage.
Calculate How Much We Will Bet
Formula: 1000/ L x highest odds of each portal= $ to bet
- 1000/ 0.968 x 2.23 = $463 must be wagered on the Jets at Betway to win $1,033.
- 1000/ 0.968 x 1.92 = $537 must be wagered on the Rangers at 888Sports to win $1,031.
Regardless of who we bet on, we guarantee a profit of between $31 and $33 for betting $1000. Of course, as you bet more, the numbers will increase, but it requires a huge budget.
This 3.2%, although modest, responds to the premise “Win little but win always”. If about three such bets a day are achieved, we will make about $3000 monthly. Not bad.
Does Arbitrage Require a Lot of Work?
Suppose it is done manually, yes. It is not impossible, but it would be fruitless —from the economic point of view— to try to get by oneself some crack between the thousands of daily bets that are given between the different bookies.
However, that is what specialized software is for. BetWasp represents an exemplary case. This tool allows us to evaluate a considerable number of games per day among various bookmarkers, which would guarantee a few daily odds with percentages between 0.1% to 10% (being optimistic).
Do I Need to Study to Do Arbitrage Betting?
Yes, very much so. Even if you have the tools (specialized software), you must study the market very well and foresee possible sudden changes that may affect your bet.
How Much Can I Earn per Day Using Arbitrage Betting?
It depends on the bettor’s budget and the amount of arbitrage betting opportunities he/she can find on the web. If specialized software is available, the chances increase considerably. With three arbitrage betting opportunities per day of 3% each and a budget of 1000% per bet, you are guaranteed about $2700 per month.