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differing opinions on event outcomes or errors. When conditions allow, by placing one bet per each outcome with different betting companies, the bettor can make a profit regardless of the outcome. Mathematically, arbitrage occurs when there are a set of odds, which represent all mutually exclusive
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Arbitrage betting involves relatively large sums of money, given that 98% of arbitrage opportunities return less than 1.2%. The practice is usually detected quickly by bookmakers, who typically hold an unfavorable view of it, and in the past this could result in half of an arbitrage bet being
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outcomes that cover all state space possibilities (i.e. all outcomes) of an event, whose implied probabilities add up to less than 1.
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Franck, Egon; Verbeek, Erwin; Nuesch, Stephan (2012). "Inter-market
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249:"Arbitrage in the European Soccer Betting Market"
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247:Schwartz, Avery Joseph (4 April 2016).
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202:Journal of Prediction Markets
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173:Mathematics of bookmaking
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208:: 1–14.
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