First Deposit Bonuses
So after calculating the bankroll requirements and the types of bets we will spread in order to vulture the deposit bonuses, we opened our first two accounts and made a profit of $364. We used a sports book that markets to Canadians and made the deposits using our personal Visa cards. We also used our true identities. The bonus allowed us to each make a deposit of $200 and receive a bonus of $200 each. We deposited $500 into an account at a reputable sports book that we had already opened. This is also a sports book where we can easily make deposits and withdrawals. So at this point, our total investment is $900.
Our first bet was the Astros vs Yankees. We found a bet where the teams were evenly matched and so the odds on each side were -110/-105. This meant that we are giving up some of our profit by paying the odds spread between each sports book. As it turned out, the team that won meant that the profits fell to our “base” or “home” account where the cash is free and clear. We made a profit of $184. The next bet we made was Blackhawks vs Blues for the same odds and the profit was $160, which also fell to our “home” account. Right now our profit is $364 on an investment of $900 and we have $1,264 in our “home” sports book where we can withdraw the cash.
The first challenge we need to overcome is finding games where we can arbitrage the odds between each sports book and pay the lowest possible spread. This would mean finding odds where the sum of each side’s odds is as close to even money as possible. From my experience doing sports arbitrage in the past, I have found many opportunities to make an arbitrage profit, but it does take some work to search for the right prices on the many wager available. We plan to use online odds aggregation sites to help us do this work. Since Betfair and BETDAQ is no blocked to players in Ontario, the task of finding a liquid market to take the other side becomes more challenging. We are looking for ways around this leak.