Arbing or matched betting involves betting on all possible outcomes of a sporting event at odds that guarantee a profit.

These betting opportunities can crop up multiple times a day when there is a discrepancy between odds that allows a profit to be made covering all outcomes. For example, when bookmakers disagree on odds or make a mistake in their pricing.

However, this is by no means a get rich quick strategy – even a 5% profit can be pretty hard to come by. Making the most of these opportunities requires patience and a goal for long-term profits.

The word arbing derives from arbitrage – a term from the world of stocks and shares that refers to the process of simultaneously buying and selling assets.

This method has always been around in sports betting but has become increasingly popular since the rise of online bookmakers, allowing gamblers to have multiple betting accounts. The technique is now used by tens of thousands of gamblers around the world.

But beware. Despite arbing being perfectly legal, most bookmakers do not take kindly to it (mainly because it costs them money). If you are regularly winning, your account will be closely monitored and could be restricted or closed. Others, though, claim to welcome the practice.

How does it work?

Let’s imagine we bet £10 on a horse to win a race at odds of 8.00. We would receive £80 including stake if the bet wins, giving us £70 profit. If it loses, we lose our £10 stake.

Next, we go onto our betting exchange where we place a £10 lay bet at odds of 7.40 (selling the bet rather than buying it). Our liability here is £64 if this bet loses.

Now, if our horse wins, we lose this £64 but make £70 from our original bet – giving us £6 profit.

If the horse loses, we lose our £10 stake from the original bet but win £10 from our lay bet – meaning we have neither won nor lost money.

Essentially, this means we are in a risk-free position to potentially make a £6 profit.

The key to arbing is to find different bookmakers offering significantly different odds on an event. This can take a great deal of research when you’re getting started but becomes a bit easier when come to learn the best places to look.

Arbing opportunities can often be found in unpopular markets, for example lower league football divisions, where bookmakers pay less attention to their pricing than bigger events. Typically, these opportunities will appear in the early stages of a market being opened – normally a day or two before an event. Having said this, in the volatile markets of horse racing, the last few minutes before a race can provide plenty of arbitrage bets. But it is a race against the clock to lay off your bet and double check your profit margin.

Being good with numbers will help to calculate the value of an arbitrage bet. However, these days most regular ‘arbers’ use computer software for accuracy and ease.

It is vital to have an account with a betting exchange because you’ll need to bet for and against an outcome. Exchanges like Betfair and Smarkets do not punish customers for arbing. They make their money from commission, regardless of if your bet wins or loses. But bear in mind they’ll be charging you for their commission. Betfair, for example, charge 5% on all winning bets.

Here are a few tips if you are thinking about giving arbing a go:

• Always keep track of your transactions. It is a good idea to create a spreadsheet.

• Double check the odds on both sides of the bet before placing them. It is common for odds to fluctuate before an event starts and this could wipe away your profit.

• Be prepared to be patient. Most bets will only generate a profit between 2% and 5%.

• Have accounts with multiple bookmakers. But remember bookmakers have a legal right to close your account.

• Only bet with money you can afford to lose and do not need immediate access to.

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