New Gambling Project
Recently, a friend of mine was complaining about some cash he had trapped in an online sportsbook after he used a deposit bonus promotion. He didn’t realize about the restriction on withdrawals unless the bets were played thru the sports book a number of times. In this particular case, he needed to run his deposit thru the sportsbook 5x before he could withdraw his cash. After factoring in the odds spreads, he noticed a good chunk of his bonus would disappear before he could make a withdrawal.
So we came up with the idea of trolling the internet for deposit bonuses and arbitraging the risk by betting both sides of the same games with an alternative sports book.
The plan is to make a deposit to an online sportsbook that provides a deposit bonus. Typically this would be a 100% match on first time deposits. If we deposit $100, then we will receive a $100 bonus in the account that can be used to make sports bets. Normally, the sports books put a restriction on these funds before they can be withdrawn. Our plan is to find binary contests where the spread of the price for each side between each sports book is low (even to less than 3%) and then bet the entire amount of the deposit + bonus on one side and bet an amount that will equal the expected win on an alternative sports book for the opposite side. That way, whatever team wins, our outcome will be nearly flat. The hope is that the loosing side is the sports book with the deposit bonus, and the winning side is the sports book where we can easily withdraw the cash. If the “wrong” side wins, we keep betting until either the betting requirement is fulfilled at the deposit bonus site, or the “right” side eventually wins and we can withdraw the cash from the alternative account free and clear.
From the perspective of the sports book offering the deposit bonus, it looks as though we are simply losing our deposit plus the bonus in a reckless way. But in fact, our bankroll is much bigger than the deposit bonus, and we have simply arbitraged the deposit bonus as our profit. We’ll be posting our results over the next several weeks.