Arbitrage theory

3. Bookmakers’ accounts

If you just started, you need to set up several bookmakers’ accounts and get yourself a couple of exchanges, as well. You must have a PC with an Internet connection already; and I hope that it isn’t a Mac. It is rather sad, but most of the arbitrage-related software isn’t rated for Macs; personally I, having both versions, prefer the Mac, but can’t really use it for gambling or trading.

If you don’t want to rush into the arbitrage world headfirst and wish to make a cautious try first, here’s a list of plausible accounts:

First list
Pinnacle
Centrebet
Bet Direct
Betwin
Expekt

If you set up these accounts, you’ll be able to catch no less than 60% of all the arbs available. Also, these bookmakers are reputable and good, they are hardly going to swindle you out of your money any time soon. You can forfeit any of them, of course – but never Pinnacle, which has practically the lowest margin around and gives the clients an enormous value across the given board. Their people are easy to deal with and don’t mind taking lumpy bets. Nowadays, you can find honest-to-god hundreds of bookmakers over the web, including ones with very funny names, and you can also find plenty of arbs – and with the least popular bookies, too; but I strongly encourage you to keep away from these grounds. There are plenty of terrible stories of gamblers who still can’t get their money back from such guys. Of course, with the already described low-percentage arbitrage trick you can always move your money around, but it’s better to try these things with nice, solid firms that won’t try to worm their way out of the commitment. You don’t want the book to refuse a payment on your leg that won because they suddenly found a non-existent ‘palpable error’ or something like that. A big quantity of arbs looks good, but I’d rather take the certainty that the ones I get are sure bets to the latter. Here: ____ you can find a very good site with an account of most books over the ‘Net. The firms are rated for many factors, such as the offered bonuses or the book’s ability to work with the money they take from arbitrageurs. It’s an absolute must-visit!

Also, I’d say you need to open some accounts with two exchanges – Betfair and Betdaq. Even if you cannot use them for arbs, you can lay off liabilities with their help quite often. Also, later I’ll tell you about certain refined and subtle kinds of arbs that these exchanges can help with – a lot.

By creating a total of ten accounts, you are all set up for laying your hands on 80% and more of the best arbs on the market. And, if you have the necessary funds, you can trade upwards of ten arbitrage bets a day!

It is normally very simple to fund an account – you just need to register your credit card. Also, many firms will agree to cash remittance through PayPal, Neteller, or Moneybookers. Certain problems can rise with PayPal, I should warn you, in the area of transferring assets to bookies – occasionally you can get emails with requests to forgo funding a bookmaker with the help of your account at PayPal. However, the benefit of this system is that it’s quick and easy – very unlike Moneybookers. For instance, it was very simple for me to open a Moneybookers account and fund it with the help of my Mastercard, but when it came to a cash transfer, I had to go for miles proving that my main current account of the bank is real, and I am a real human being. To do this, I had to send in my passport data, bank details and plenty of very personal stuff – and I had to use snail mail, because, apparently, the workers of an Internet monetary system didn’t feel like logging on the Internet that day! If you think I went on with it, you’re wrong. I simply withdrew my money and switched to PayPal. And the same I heartily wish to you.

Neteller was a lot more straightforward, but it had the same flaw as all other intermediaries of the sort do: having to pay for the sheer possibility to transfer your own money. And, as you can understand, the less you spend, the bigger your profit is. So just set yourself up and running – and then proceed to move your money around with the help of te low percentage arbs.

Here I feel I should tell you about my experience with a bookie called ‘The Greek’. It’s a funny story, although at that time I felt more annoyed than amused. This bookmaker had all chances to be included in my first list above, but lost the chance for reasons I’m just going to describe. The customer service centre of ‘The Greek’ comes out to be situated in Jamaica, and the staff is so, eh, flamboyant, that I feel my personality isn’t suited for understanding them. Understand me here, I’m not a racist or anything of the like. But you’ve heard of the Jamaican being laid-back, haven’t you? And well – they are. I phoned the service center to register my MasterCard with the firm, and a sweet Jamaican lady answered the phone. I think she had a mediocre case of mnemonia – and, being the kind person that I am, I recommended  her to take some meds for it. I think she forgot to follow my advice, though. The lady sounded as though she had been preparing dinner and conversing to her family at her own home kitchen while taking the call. Her mnemonia and Jamaican accent joined forces to make the conversation really, really long, and then I had to give up and refuse my account at ‘The Greek’ for good. It’s a large bookmaker, true, but as for their customer service, let’s just say there’s much room for improvement. Which is very unfortunate – now some really good arbs will eternally pass me by. I’m used to refusing something for the sake of the general picture, so this isn’t the only case of this sort in my life. I find fools intolerable, you see. If someday this bookmaker starts doing what their own site says they can – accepting credit cards, that is – I think I’ll start betting with them.

You are the only one who can decide which and how many funds will be used for arbitrage, but it is always safe to assume that your profit will amount to about 12% in bulk. However, at first you just need to familiarize yourself with the new surroundings and try a few tricks, so that you know whether this is your thing or not. That’s why at first it’s reasonable to fund the accounts according to your own comfort level. Opening the accounts usually takes only a few minutes, and then you can immediately start availing yourself of unswerving afflux of arbs that come up nearly every day. Oh, now you have a question – how can you find them! Okay, I’ve got good news and bad news. The former? There are plenty of services working to find arbitrage deals for you in real-time mode. And the bad news is – once again, there are plenty of services working to find arbitrage deals for you in real-time mode!

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