Question about sports betting "freeroll" strategy

[hmkpoker]

I'm completely inexperienced with sports betting, don't know anything beyond the basic mechanics of the spread.

A friend of mine told me that there is a strategy where you simply find two bookies (out of god-know-how-many) who are offering odds that, together, create a positive edge for the player, so if he bets a certian amount on both, he can't lose.

Does this actually work? Or are all bookies so close together in terms of the spread odds that this strategy isn't profitable?

(If this is true and well-known, I apologize for sounding like a dork since it must sound like "can someone really beat poker in the long run," but I couldn't find the answer via search and thought I'd ask.)

[youtalkfunny]

Yes, it actually works.

Do a search for "scalping" or "middling".

[freerollin]

yes, its true. the technical name is sports arbitrage and u will find a ton of stuff if u use those terms too.

[Mr_J]

Yes it is well-known so you do sound like a total newbie [img]/images/graemlins/wink.gif[/img]

Arbing is best done when rolling over bonuses and is a very lucrative stategy.

[LargeCents]

Some drawbacks are that it can be time and labor intensive, scouring books & lines as well as setting up accounts with enough sportsbooks to be able to have a variety of lines to look at. Another drawback is having a big enough bankroll to take enough advantage of arbitrage opportunities. Finding a 1% arbitrage edge is nearly worthless (worth exactly $1) if you've only got $100 to bet. Bankroll managment can be somewhat elaborate when you also add bonus clearing to the strategy. You'll have a % of your bankroll tied up at sportsbook X, meanwhile you've got an arbitrage opportunity on sportsbook Y and Z. It's a delicate balancing act to make maximum use of your bankroll. Also consider that certain sportsbooks impose betting limits, especially if you become pegged as an advantage player, but that is a more advanced topic, probably beyond this discussion.

IMO, a bankroll of $20k is the absolute minimum needed for a pure arbitrage/bonus player just to make minimum wage as an hourly return. The bigger bankroll the better from there. Going smaller just puts too many restrictions and might get too much money tied up at one individual book while "busting" out bonuses. Then again, turning an hourly profit may not be a high priority, then a smaller bankroll is feasible. I can go into more detail, but I'm trying to stick to the absolute basics. Plus most of this and beyond has probably already been covered if I was ambitious enough to use the search function.