Sports betting is undoubtedly very popular among Nigerian punters. And you should be proud to be a Nigerian. And we hope you love sports betting. If you have experience in the industry, you would know that sportsbooks always have an upper hand when it comes to sports odds. And arbitrage betting might just be the answer to your luck. The concept of arbitrage betting is very peculiar. Yet, it is one of the most profitable and reliable bets in the entire sports betting industry in Nigeria. To such an extent that the bet is often called a ‘sure bet’. In this post, we plan to share our thoughts and knowledge regarding this betting and teach you how you can use it to your advantage. Let us get on with it.
The best bookmakers for Arbitrage betting in Nigeria
What is Arbitrage Betting in Nigeria?
If you’ve never heard of the term ‘arbitrage betting’, you are not alone. A lot of punters might score a lot of experience in the industry and yet not know about this betting. It’s a surefire way to get your money back on any sports you choose. You might not always make a profit, but you do not incur any losses as well.
In layman’s terms, arbitrage betting is putting the same bet on opposite results. If you are into football, which you should be as a Nigerian, you can bet for both the win and loss for your favorite team.
As you can see, no matter which team wins, you can get your money back. You should also understand why punters call it the ‘sure bet’. Because you are getting your money back for sure. The key here is to select the right bookmakers in Nigeria to guarantee you a profit.
Arbitrage betting or arbing, whatever you might want to call it, utilizes two online bookmakers. You are in luck if a single bookmaker allows you to do so. But it’s a very rare case. So, we’re going to stick with two bookmakers at least.
Another key element that goes into this type of betting is your understanding of sports odds. Because that’s where you make the money. It is very unlikely that you will come across two bookmakers that offer the exact same odds!
The difference between the odds marks up the profit for you. In simple words, you put your bet on an event at one bookmaker. And you do the same on a different bookmaker for the same money but the opposite outcome.
If it’s a football match between Nigeria and Uruguay, you can place arbitrage bets on the outrights. On one bookmaker, you place your bets in favor of Nigeria. And bet against Nigeria with the same amount at a different bookmaker.
The concept here is that no matter what happens, you do no lose your bet. Either of the team must win. It is a different case if the match ties, however. You should stay away from tournaments that allow a tie. Because a tie would sink your ship pretty fast.
For arbitrage betting to work, your stakes must return more than the initial amount. If you start with N10,000 and place multiple arbitrage bets across a few bookmakers in Nigeria, the final payout must go over N10,000. Otherwise, you are in for a loss.
It might seem a little complex to you at the moment. But believe us when we say this, it is going to get better. The more we progress through the post, you will have a clearer understanding of how arbs can work in your favor.
These bets are often called miracle bets. It is because most people do not comprehend the concept of mathematics involved. They think it is just pure luck. Well, it is not. It is more than luck when you have to use your brain to make money.
Lucky for you, there are some betting exchanges in Nigeria. A betting exchange is where you can legally put your opposing bets in the same bookmaker in exchange for a commission.
And when we say ‘legal’, we do not mean arbitrage betting is illegal in Nigeria. It is more like the online bookmakers do not like it very much. You surely know why.
Why Punters Should do Arbitrage Betting in Nigeria?
Why should not you? It is not like there are any laws in place stopping you from placing arbs. There are numerous online sportsbooks in Nigeria and you should always utilize an opportunity to make money. Especially when there is no complexity of legislation involved.
To understand why you should go with arbitrage betting, you need a little understanding of how bookmakers work in Nigeria. Each of the sportsbooks has its team for coming up with the odds. And in sports betting, odds are everything.
The teams analyze hours of footage, analyze the weather, analyze each player’s performance before selecting the odds. And they go through all the trouble just to make sure that you do not get with the big win.
And that is exactly why you should use arbitrage betting. You can take away that edge your favorite sportsbook has over you. You can do better in terms of research and utilizing the odds. The goal for both the bookmaker and you is the same. Making money.
Arbitrage betting is perfectly suitable for punters who want to make sports betting a sensible source of income. You cannot hope to make millions from it because you will spend double when compared to a regular punter in Nigeria.
But when you understand the odds, the sports, and every catalyst like no one else, you can squeeze the profit out of the bookmaker’s hand.
Even if two bookmakers offer the same odds on an event, you do not lose any of your money. You get your money back along with the thrill and suspense of sports betting. Betting on real sports is so entertaining thanks to its unpredictable nature. And you should enjoy every last bit of it.
Your chances of coming across two bookmakers that offer the same odds are minimal. It is almost statistically impossible. And that makes arbitrage betting even more engaging. You can easily make a little profit from the difference between the odds.
Another thing to keep in mind would be that arbs are for making long-term profits. The nature of the bets does not work well in a short term. The profit margin is usually very low. If you see a 5% increase in your bankroll for a single arb, it would be awesome!
So, keeping in mind that these bets are for the long-term, you can make it an investment or a full-time job if you want to. You will make tiny profits, but it will all add up when you keep at it. Arbitrage betting is a good way to test your willpower, patience, and passion for sports betting.
Maximize Your Advantages with Arbitrage Betting
It is nothing like an outright bet where you wait for the event to end. Arbing is a limitless journey where every opportunity is fruitful. And it takes some input from your end. Let us find out what you can do to make arbs a steady source of income for you.
Do Your Research
It might seem counterintuitive to you at first. You came into sports betting to enjoy your time, did not you? Well, you also wanted to know about arbitrage betting. And arbitrage betting is not for the general punters who like to have fun. It is for punters who like to make money while having fun! And we know you are one of them!
So, do your research. Research goes a long way in sports betting. Your research includes subtle insights about the sports that might not get picked up by regular punters. You may have access to information that will help you make an informed decision for your odds.
To do so, you need to first select your preferred sport. If it is football, know everything there is about football. If it is handball, know about handball. Learn how the team likes to play. Learn how each player trains. It will all make sense when it’s time to make your first arb bet.
Know the Weather
For sports that take place in an open area, like in a field, knowing about the weather is crucial. It’s not like you would focus on the weather itself. Rather, you will focus on how the sport, the teams, and players react to the weather.
There might be a certain player in a team that plays substantially well in the rain. And you can only dig up this information from the research you do. The weather can change the odds for you in no time. Even the bookmakers might not know what you can know from research.
So, keep weather as an important element of your research. Learn how teams play in different weather conditions. Learn how they play during the day and the night. It will all help you understand the odds even better.
Using Software to Calculate Arbs
By now, you know that arbitrage betting is more about mathematical equations rather than blind luck. And when it comes to mathematics, you can always turn to computers. There is software designed just for arbs that you can use to calculate your probability.
‘RebelBetting Lite’ is a great example of such software in Nigeria. It can help you find the perfect bet for you among hundreds of bookmakers. The software can find you the opportunities where you can make profits from Arbitrage betting.
For example, it is very time-consuming for you to look through the betting platforms available in Nigeria. But when you use the sure bet software, it finds the difference between odds quickly and only displays bets where arbing is possible.
Betting Exchanges are Great
When you find a betting exchange for your endeavors, the thrill of arbitrage betting skyrockets! As we have previously mentioned, a betting exchange is an online bookmaker that allows you to place arbs in exchange for a commission.
Betway Cotracts+ is a great example of such a platform. The bets are also known as lay and back in these exchanges. You can put your opposing bets with the same bookmaker. It eliminates your need to find the bet manually and choosing the odds. The only drawback is that you have to pay a commission!
Calculating the Scenario
We have already established how good of a bet arb is. Yet, you do not see people do it very often. Why do you think that is?
It is because arbitrage is a very advanced bet and there is the mathematics involved that most punters do not want to get into. And it is a very common mistake for punters to think that there is an arb when there is not!
The primary culprit here is the house edge. It is the predetermined odd by the bookmaker to keep your chances of winning low. You cannot skip a house edge because it is etched into sports betting policies. But you can always learn about Individual Arbitrage Percentage (IAP) and Total Arbitrage Percentage (TAP).
The formula for IAP is (1/odds)x100. It is a fairly straightforward formula but it makes all the difference when it comes to figuring out whether there is a chance for arbing or not.
In any bookmaker, you will find odds representing each team. If it’s a player-based sport like Tennis, the odds will apply to the player. It does not matter for the IAP. Let us look at an example.
If there are two teams, Team A and Team B, you will find 2 odds on any bookmaker. For Team A, the odds are 1.35. And for Team B, the odds is 1.86. Remember, the house edge is baked into these odds.
So, IAP for Team A is (1/1.35)x100 which would be 74.07.
The same goes for Team B. The IAP would be (1/1.86)x100 or 53.76.
Now, all we have to do is add the two IAPs to calculate our TAP. It goes like (74.07+53.76) which is 127.83. It means there is not an opportunity for making profits with arbs. The TAP value must be under 100 for an arbitrage bet to work.
It also means that the house edge is higher than you would like it to be.
Arbitrage Betting Example
As you saw in our previous example, there was not an opportunity for arbing. But we can always change the odds to find out whether you can make money or not. Let us say the odds are 2.00 and 2.10 for Team A and Team B respectively.
So, IAP for Team A becomes 50 and 47.62 for Team B. This means that TAP is 97.62 which is well under the threshold of 100.
For a maximum profit, the equation is (Total budget x IAP)/TAP.
If we assume you have an N10,000 budget for arbitrage betting, the math becomes very interesting.
For your bets in favor of Team A, you must wager (10,000 x 50)/97.62 or N5,122.
And for Team B, you must wager (10,000×47.62)/9762 or N4,878. Now, let us get to the interesting part! How much can you expect to win?
If your bet on Team A wins, you get (N5,122 x 2.00) = N10,244. And when we apply the same formula to Team B, you can win (N4,878 x 2.10) which is N10,243.
Can you see how it works now? It is a very idealized situation. But you can tinker with the values and find exactly how much you can make with the equations. And it is not going to a massive earning. But it is better than losing your entire N10,000, is not it?
By now, you should have a clear understanding of arbitrage betting. But our post would not be complete you did not know about some pros and cons it can offer.
The basic concept of profiting from arbitrage betting relies on the sports odds. The bigger the difference between odds, the more you can make from arbing. So, you must have a good idea of how sports odds work. And as a Nigerian, knowing the decimal odds will take you a long way as it is the most common form used.
Using our example of Team A and B, we can make up this table.
|Bookmaker||Team A Odds||Team B Odds|
|Nigerian Sportsbook 1||1.95||1.90|
|Nigerian Sportsbook 2||2.13||2.00|
|Nigerian Sportsbook 3||3.50||2.90|
|Nigerian Sportsbook 4||2.15||2.00|
|Nigerian Sportsbook 5||3.00||3.50|
From the table, you can see that the bookmaker’s perspective varies dramatically on teams. While some sportsbooks think Team A is a clear favorite, some bookies tend to disagree. And that is where you need to work your arbitrage betting magic.
Arbitrage Betting Offers and Promotions
It would quite a miracle if you could find a bonus offer or a promotion from a bookmaker on arbs. Sportsbooks in Nigeria do not like the concept of arbitrage betting because they lose every time. But you may dig up some substantial offers when you go with the betting exchanges.
What are the Alternatives to Arbitrage Betting?
From what you have read so far, if you think arbitrage betting might not be what you are after, you can always go with other bets. There are many sports bets available in Nigerian bookmakers that you can use to make some money while having fun.
Let us look at some of the best alternatives to arbing.
Matched betting is very similar to arbs. To the point where you can get confused between them and we will not blame you. Both of the bets use the same concept of putting opposite bets on two different bookmakers. On the other hand, you use the free bets to cover for your real money bet in matched betting.
One major drawback of arbitrage betting was that you need a double-sized bankroll for it to work. For each of your bets, you would need to spend double. But that is eliminated with matched betting. You only use your regular bankroll for one bet while you cover the other one from your free bets.
A big benefit of matched bets is that you can complete your wagering requirement. All bookmakers in Nigeria come with a wagering requirement that you must complete to withdraw and win from your free bets. When you effectively use those free bets, the wagering is completed in virtually no time!
When you have a better understanding of how sports odds work, you can utilize live bets like a pro. Contrary to conventional sports betting, live betting allows you to make changes to your bets in real-time.
While an event is in progress, let us say a football match, you can sit in front of the screen and bet on different markets. The progression of the event will dictate what bets you should place. It surely takes some practice. But when you get the hang of it, you can use it to minimize your losses.
System betting is so huge in sports betting that we can write its guide. It is just not virtually possible to include everything about it in a post that focuses on arbitrage betting. However, we can surely mention some of the best system betting types.
These are mathematically derived by the brightest minds in the world. You would be taking calculated risks with your money and win more often than not.
Some common system betting would be the Martingale system, the Zig-Zag theory, the Kelly Criterion, the Fibonacci pattern, Goliath bets, and so on.
FAQ – All questions about arbitrage betting
Before we part ways, you must have some questions regarding that arbs. Worry not because we are going to answer them for you.
Placing an arb is as simple as opening two accounts at two different bookmakers and placing opposite bets. For example, in a football match between Nigeria and Russia, you place your bets for Nigeria in one and bet in favor of Russia in another.
Arbitrage betting and multi bets go hand in hand very well. The bet itself is a multi bet. You can go ahead and place as many bets as you want. You can utilize the accumulator bets very well when arbing
No. There are no sports betting sites in Nigeria that will allow you to withdraw your money before a bet is settled.
When the bookmaker of your choice supports mobile betting, there is no reason you cannot use your mobile.
Not necessarily. As long as you understand the odds, the chances of you winning are greater. You essentially ‘win’ every bet because you are covering all the possibilities. But whether you make money from it or not is a different question.
When it comes to arbitrage betting, responsible gambling is your way to go. No matter how secure it is, you should never cross your limits. Only use money that you can afford to lose. That is the number one rule for any sort of gambling.
Recap of Arbitrage Betting
Arbitrage betting can take your interest in sports betting and give it a new dimension. It is one of those bets that make your life easier by eliminating the possibilities of loss! If you think you have a big enough bankroll to start with, explore arbs with our recommended sportsbooks in Nigeria!