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Sports Arbitrage Betting. Make guaranteed profits from sporting events without ever risking a penny with sports arbitrage trading. Arb Hunters offers our members the opportunity to make a guaranteed profit from selected sporting events without ever risking a penny with sports arbitrage. OddsBoom is licensed with the New Jersey Division of Gaming Enforcement, Vendor ID #91302. You must be 21 OR OVER to bet with any sportsbooks listed on this website. About: TheSpread.com is the largest sports betting news site in the United States. We provide point spread news, odds, statistics and information to over 175 countries around the world each year. Our coverage includes all North American College and Professional Sports as well as entertainment, political and proposition wagering news. Arbitrage betting is a sports betting strategy designed to take advantage of pricing discrepancies in the betting markets. It involves placing two (or more) wagers on a single sports event, so that all possible. Arbitrage bet in sports betting is an activity where you simultaneously place bets on all possible outcomes of an event at odds that guarantee profit, whatever the result of the event will be.

How to Place Sports Bets in Indiana

Sports betting is now legal in the state of Indiana. Thanks to changes in state law, Indiana residents and those visiting the state can now go place sports bets both online and in person.

The first brick and mortar sportsbook opened up in September 2019, and in October, online sportsbook went live across the state. Those currently in Indiana can sign up to any of the legal online sportsbooks and instantly place bets on some of the most popular US and international sports and leagues.

Since legal sports betting went live in Indiana, lots of new online sportsbooks have gone live. Most of these sites are also available in other US states with legal sports betting, and users who sign up can claim sports betting bonuses in Indiana. If you’d like to get into sports betting, there’s never been a better time, but you’ll first need to know how it all works. See below for our full guide on how to place sports bets in Indiana.

Indiana Sports Betting Rules and Restrictions

Although it’s now legal to place bets on sports in Indiana, there are still rules on how and where you can bet. You need to follow the rules carefully. Otherwise, you may find that you’re unable to bet, or that your bet won’t count. Some of the sports betting rules in the state of Indiana include:

You must be 21 years old in order to place a bet anywhere in the state.
You can register with any online sportsbook registered by the Indiana Gaming Commission, but you’ll need to be in the state to place a bet.
Mobile betting is allowed so you can place bets while on the go.
Betting on events involving competitors under the age of 18 is prohibited. This includes sports and eSports.
There are some restrictions on in-play betting, but for the most part, it’s allowed.

When you sign up to an online sportsbook, you’ll need to make sure that all of your details are correct. You can sign up even if you’re not a resident of Indiana, but you’ll need to be in the state before you can place any bets. Bear in mind that these online sportsbooks all use GPS location services to check your location before you can place a bet.

Retail Sportsbooks in Indiana

The first places open for betting in Indiana were the land-based sportsbooks. These allow sports fans to go in and place a bet in person. While these offer a more traditional betting experience, they’re still fairly popular, and there are quite a few different retail sportsbooks. Indiana retail sportsbooks include those at:

Ameristar Casino Resort
Belterra Casino Resort
Harrah’s Hoosier Park
Majestic Star Casino
Winner’s Circle Indianapolis

Placing a bet is as simple as entering the casino, going up to the sportsbook counter, and asking for odds on a particular event. Once you’ve handed over your money to place the bet, you’ll receive a bet slip, which you can exchange for your winnings should your bet be successful.

Online Sportsbook in Indiana

Although brick and mortar sportsbooks are available in Indiana, the majority of bets are made online. Online sports betting now accounts for eight out of every ten bets placed in the state. The first online sportsbooks went live on October 3, 2019. Since then, there have been lots of new sites appearing to give Indiana sports fans plenty of betting options.

Some of the top Indiana online sportsbooks include:

Draftkings Sportsbook
FanDuel Sportsbook
BetRivers
BetAmerica
PointsBet
William Hill

Placing a bet at an online sportsbook in Indiana involves first signing up to the sportsbook of your choice. Don’t be afraid to check around to see which has the best markets and the best odds on your favorite sports. The odds offered tend to be quite similar, although some sportsbooks offer special promotions.

Once you’ve found a sportsbook you like, you can enter your details to register an account. You’ll then need to deposit money onto your account so you can start placing bets. Don’t forget to check out the details of any bonus before you make a deposit, as a lot of sites will offer matched deposit bonuses.

Now you’ve got some cash in your account, you can search through the different categories on the site to find the sports you want to bet on. Most sites offer lots of different sports, including football, basketball, hockey, soccer, and more. Find what you’re looking for, then click on the bet you want to make and enter in your stake. This will then be added to your bet slip, and if you win, your winnings will automatically be credited to your account.

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Betting arbitrage ('miraclebets', 'surebets', sports arbitrage) is an example of arbitrage arising on betting markets due to either bookmakers' 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 outcomes that cover all state space possibilities (i.e. all outcomes) of an event, whose implied probabilities add up to less than 1.^[1] In the bettors' slang an arbitrage is often referred to as an arb; people who use arbitrage are called arbers.

Background[edit]

Arbitrage betting involves relatively large sums of money, given that 98% of arbitrage opportunities return less than 1.2%.^[2] The practice is usually detected quickly by bookmakers, who typically hold an unfavorable view of it,^[3] and in the past this could result in half of an arbitrage bet being canceled. Arbitrage betting is almost always insufficiently profitable due to detection, unreliable betting websites, limiting of stakes, hackers, and scammers that use high percentage arbitrages to trick bettors into providing security credentials.^{[citation needed]}

Arbitrage Sports Betting Calculator

in the past Bookmakers used to disapprove of betting arbitrage, and restrict or close the accounts of those who they suspect of engaging in arbitrage betting.^[3]^{[citation needed]} Although arbitrage betting has existed since the beginnings of bookmaking, the rise of the Internet, odds-comparison websites and betting exchanges have made the practice easier to perform. On the other hand, these changes also made it easier for bookmakers to keep their odds in line with the market, because arbitrage bettors are basically acting as market makers.

In Britain, a practice has developed in which highly experienced 'key men' employ others to place bets on their behalf, so as to avoid detection and increase accessibility to retail bookmakers and allow the financiers or key arbitragers to stay at a computer to keep track of market movement.

Arbitrage is a fast-paced process and its successful performance requires much time, experience, dedication and discipline, and especially liquidity.

Theory[edit]

There are a number of potential arbitrage deals. Below is an explanation of some of them including formulas and risks associated with them. The table below introduces a number of variables that will be used to formalise the arbitrage models.

Variable	Explanation
${displaystyle s_{1}}$	Stake in outcome 1
${displaystyle s_{2}}$	Stake in outcome 2
${displaystyle o_{1}}$	Odds for outcome 1
${displaystyle o_{2}}$	Odds for outcome 2
${displaystyle r_{1}}$	Return if outcome 1 occurs
${displaystyle r_{2}}$	Return if outcome 2 occurs

Using bookmakers[edit]

This type of arbitrage takes advantage of different odds offered by different bookmakers. For an example of an event with only two possible outcomes (e.g., a tennis match in which either Federer wins or Henman wins), the two bookmakers have different ideas of who has the best chances of winning. They offer the following fixed-odds gambling on the outcomes of the event in both fractional and decimal format:

Fractional odds:

Bookmaker 1	Bookmaker2
Outcome 1	1/4	43/100
Outcome 2	29/10	37/20

Decimal odds:

Bookmaker 1	Bookmaker2
Outcome 1	1.25	1.43
Outcome 2	3.9	2.85

The bookmaker's return rate is ${displaystyle 1-(1.25*3.9)/(1.25+3.9)=5.34%}$ , which is the amount the bookmaker earns on offering bets at some event. Bookmaker 1 will in this example expect to earn 5.34% on bets on the tennis game. For an individual bookmaker, the sum of the inverse of all outcomes of an event will always be greater than 1. ${displaystyle 1.25^{-1}+3.9^{-1}=1.056}$ and ${displaystyle 1.43^{-1}+2.85^{-1}=1.051}$

Inverse of decimal odds:

Bookmaker 1	Bookmaker2
Outcome 1	${displaystyle 1.25^{-1}=0.8}$	${displaystyle 1.43^{-1}=0.699}$
Outcome 2	${displaystyle 3.9^{-1}=0.256}$	${displaystyle 2.85^{-1}=0.351}$

The idea of arbitrage betting is to find odds at different bookmakers, where the sum of the inverse of all the outcomes are below 1, meaning that the bookmakers disagree on the chances of the outcomes. This discrepancy can be used to obtain a profit.

For instance if one places a bet on outcome 1 at bookmaker 2 and outcome 2 at bookmaker 1:

${displaystyle 1.43^{-1}+3.9^{-1}=0.956}$

Placing a bet of $100 on the most likely outcome with the lowest odds (outcome 1 with bookmaker 2) and a bet of $36.67 ${displaystyle ($100cdot (1.43/3.9))}$ on outcome 2 at bookmaker 1 would ensure the bettor a profit. When there are more than two possible outcomes the value of the subsequent bets can be calculated with respect to the lowest quoted odds.

In case outcome 1 comes out, one could collect ${displaystyle r_{1}=$100*1.43=$143}$ from bookmaker 2. In case outcome 2 comes out, one could collect ${displaystyle r_{2}=$36.67cdot 3.9=$143}$ from bookmaker 1. One would have invested $136.67, but have collected $143, a profit of $6.33 (4.6%) no matter the outcome of the event.

So for 2 odds ${displaystyle o_{1}}$ and ${displaystyle o_{2}}$ , where ${displaystyle o_{1}^{-1}+o_{2}^{-1}<1}$ . If one wishes to place stake ${displaystyle s_{1}}$ at outcome 1, then one should place ${displaystyle s_{2}=s_{1}cdot o_{1}/o_{2}}$ at outcome 2, to even out the odds, and receive the same return no matter the outcome of the event.

Or in other words, if there are two outcomes, a 1/1 and a 2/1, by covering the 1/1 with $500 and the 2/1 with $333, one is guaranteed to win $1000 at a cost of $833, giving a 20% profit. More often profits exists around the 4% mark or less.

Reducing the risk of human error is vital being that the mathematical formula is sound and only external factors add 'risk'. Numerous online arbitrage calculator tools exist to help bettors get the math right. For example, arbitrage calculators can handle calculations for both book arbitrage ('back/back' or 'lay/lay') and 'back/lay' arbitrage opportunities on an intra-exchange or inter-exchange basis, and are free.

For arbitrages involving three outcomes (e.g. a game which can be won, lost or drawn) having the odds ${displaystyle o_{1}}$ for Outcome 1, ${displaystyle o_{2}}$ for outcome 2 and ${displaystyle o_{3}}$ for outcome 3 with their respective bids being ${displaystyle b_{1}}$ , ${displaystyle b_{2}}$ and ${displaystyle b_{3}}$ and sum of the bids being B.

The amount required to bet on each possibility in order to ensure profit can be calculated by

${displaystyle b_{1}=B/(1+(o_{1}/o_{2})+(o_{1}/o_{3}))}$

${displaystyle b_{2}=B/(1+(o_{2}/o_{1})+(o_{2}/o_{3}))}$

${displaystyle b_{3}=B/(1+(o_{3}/o_{1})+(o_{3}/o_{2}))}$

Back-lay sports[edit]

Betting exchanges such as Smarkets have opened up a new range of arbitrage possibilities since on the exchanges it is possible to lay (i.e. to bet against) as well as to back an outcome. Arbitrage using only the back or lay side might occur on betting exchanges. It is in principle the same as the arbitrage using different bookmakers. Arbitrage using back and lay side is possible if a lay bet on one exchange provides shorter odds than a back bet on another exchange or bookmaker. However, the commission charged by the bookmakers and exchanges must be included into calculations.

Back-lay sports arbitrage is often called 'scalping' or 'trading'. Scalping is not actually arbitrage, but short-term trading. In the context of sports arbitrage betting a scalping trader or scalper looks to make many small profits, which in time can add up. In theory a trader could turn a small investment into large profits by re-investing his earlier profits into future bets so as to generate exponential growth. Scalping relies on liquidity in the markets and that the odds will fluctuate around a mean point. A key advantage to scalping on one exchange is that most exchanges charge commission only on the net winnings in a particular event, thus ensuring that even the smallest favorable difference in the odds will guarantee some profit.

Bonus sports[edit]

Many bookmakers offer first time users a signup bonus in the range $10–200 for depositing an initial amount. They typically demand that this amount is wagered a number of times before the bonus can be withdrawn. Bonus sport arbitraging, also known as matched betting, is a form of sports arbitraging where the bettor hedges or backs their bets as usual, but since they received the bonus, a small loss can be allowed on each wager (2–5%), which comes off their profit. In this way the bookmakers wagering demand can be met and the initial deposit and sign up bonus can be withdrawn with little loss.

The advantage over usual betting arbitrage is that it is a lot easier to find bets with an acceptable loss, instead of an actual profit. Since most bookmakers offer these bonuses this can potentially be exploited to harvest the sign up bonuses.

By signing up to various bookmakers, it is possible to turn these 'free' bets into cash fairly quickly, and either making a small arbitrage, or in the majority of cases, making a small loss on each bet, or trade. However, it is relatively time consuming to find close matched bets or arbitrages, which is where a middleman service is useful. As many bookmakers require a certain turnover of the bonus amount, matching money from different bookmakers against each other enables the player to in effect quickly 'play free' the money of the losing bookmaker and in effect transfer it to the winning bookmaker. By avoiding most of the turnover requirements in this way the player can usually expect a 70-80% return on investment.

As well as spending time physically matching odds from various bet sites to exchanges, the other draw back with bonus bagging and arbitrage trading in this sense is that often the free bets are 'non-stake returned'. This effectively reduces the odds, in decimal format, by 1. Therefore, in order to reduce 'losses' on the free bet, it is necessary to place a bet with high odds, so that the percentage difference of the decrease in odds is minimised.

Shop arbitrage (sharbing)[edit]

Shop arbitrage (also known as sharbing or shop-arbing) is the process of using a betting shop's coupons and a betting exchange to create an arbitrage position. This is made possible because online prices change quickly to close these positions and betting shops are slower to change the prices on their printed coupons.

Risks[edit]

While often claimed to be 'risk-free', this is only true if an arbitrage is successfully completed; in reality, there are several threats to this:

Disappearance of arbitrage: Arbitrages in online sports markets have a median lifetime of around 15 minutes,^[4] after which the difference in odds underpinning them vanishes through betting activity. Without rapid alerting and action, it is possible to fail to make all the 'legs' of the arbitrage before it vanishes, thus transforming it from a risk-free arbitrage into a conventional bet with the usual risks involved. High street bookmakers however, offer their odds days in advance and rarely change them once they have been set. These arbitrages can have a lifetime of several hours.
Hackers: Due to the large number of accounts that have to be created and managed (containing personal details such as email, name, address, ewallet, credit card information and often even a copy of the bettor's ID/passport or driver's license), arbitrage traders are highly susceptible to cyber fraud, such as bank account theft. While making deposits is usually made easy and quick, making withdrawals often requires proof of identity in the form of passport/driver license, copies of which need to be shared with the bookmakers via fax/email or even postal mail, which causes additional identity theft risks. Traders are often attracted to high odds comparison sites that yield high percentage profits per stake (5-30%); this is often used by hackers to lure a high number of arbitrage bettors that then place large sums of money on these arb's, only to lose all of the profit and even entire savings in bank accounts to hackers or untrustworthy websites, which may further use the gathered data to sell personal data to criminals.
Making errors as an arber: In the excitement of the action and due to the high number of bets placed, it is not uncommon to make a mistake (like traders on financial markets). For example, the appropriate stakes may be incorrectly calculated, or be placed on the wrong 'legs' of the arb, locking in a loss, or there may be inadequate funds in one of the accounts to complete the arb. Those errors might temporarily have an important impact. In the long term, the benefit will depend on the odds. For example, one could actually make more money by placing the 'wrong' bet where the outcome happens to be beneficial, though not justified by the arbitrage calculation. However, repetition of this stroke of luck is unlikely, assuming the bookmaker has calculated the odds so they make a profit. Websites and bet placement interfaces differ between bookmakers, so that arbitrage bettors need to be familiar with different web interfaces. In some sports different bookmakers deal with outcomes in different ways (they differ in their handling of - for example - player withdrawal due to injury in tennis, overtime in ice hockey), meaning that both 'legs' can lose. Matching terms for all bookmakers is time-consuming, requires expertise and experience, while still being fairly error-prone.
Detection: There are very few bookmakers who openly tolerate arbing. Many bookmakers may now be using shared security servers in order to pinpoint people suspected of arbitrage betting; they can simply limit stakes to make arbing unprofitable and even close accounts without honoring a bet that was placed. Loss of deposited money into a bookmaker could occur. This usually leads to unprofitable arbing as the most successful bookmakers are so adept at identifying arbitrage bettors. To avoid detection, people sometimes use special arbing VPN and VPS services.
Stake reviewal: Some bookmakers are known to accept only very small stakes by default, while requiring larger stakes to be manually reviewed before being accepted, which basically makes it difficult for an arbitrage better to determine if a leg was completely accepted or not, until it may be too late.
Bet cancellation: If a bettor places bets so as to make an arbitrage and one bookmaker cancels a bet, the bettor could find himself in a bad position because he is actually betting with all the risks implied. The bettor can repeat the bet that has been cancelled so as minimize the risk, but if he cannot get the same odds he had before he may be forced to take a loss. In some cases the situation arises when there are very high potential payouts by the bookmaker, perhaps due to an unintentional error made while quoting odds. Many jurisdictions allow bookmakers to cancel bets in the event of such a 'palpable' ['obvious'] error in the quoted odds. This is often loosely defined as an obvious mistake, but whether a 'palp' in fact has been made is often the sole discretion of the bookmaker.