[craig]

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arbitrage is a waste of time. Too much effort for too little money.

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Not really. Arbitrage (scalping) is the way that many successful sports bettors make a LOT of money. You have to have a decent-sized bankroll to do it, but it is clearly not a waste of time.

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And if you treat it like a long term mutual fund and not withdraw your profits, the compound interest would make this even less of a waste of time.

There are so many ways to arb/middle and to not take advantage of it (while bonus hustling) is a mortal sin of gambling. It is almost as bad as not doubling with an 11 against a 6 in blackjack.

craig