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Sports Betting Arbitrage in English Football

Presentation · February 2019

DOI: 10.13140/RG.2.2.13916.03201

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Patrice Marek Frantisek Vavra

University of West Bohemia University of West Bohemia
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APLIMAT 2019,17th Conference on Applied Mathematics, February 5–7, 2019, Slovakia

Sports Betting Arbitrage Patrice Marek and František Vávra

University of West Bohemia, 

in English Football Czech Republic
Presentation Outline
Introduction
Data
Theory
Arbitrage Description
Arbitrage Betting Types
Results
Conclusion

Presentation of paper
MAREK, P., VÁVRA, F. (2019) Sports Betting Arbitrage in English Football. In 18th
Conference on Applied Mathematics, APLIMAT 2019 - Proceedings. Bratislava:
SPEKTRUM STU, pp. 793–802. ISBN: 978-80-227-4884-1

2
Introduction
In 2015, the online gambling market had volume of almost 38 billion
U.S. dollars.
Largest portion – 48 percents – was held by sports betting.
It is expected that online gambling market will be worth of 60 billion U.S.
dollars by the year 2020.
Large number of bets are placed on football, especially English football
leagues.
We showed that increasing competition between online bookmakers led
to a significant decrease of margins in English football leagues.
Average margin in Premier League in 2005–06 was 9.42% and
average margin in Premier Leagues in 2017–18 was 4.28%, see:
MAREK, P. (2018) Bookmakers’ Efficiency in English Football Leagues. In 36th
International Conference Mathematical Methods in Economics. Jindřichův Hradec:
MatfyzPress, pp. 330–335. ISBN: 978-80-7378-372-3
3
Introduction
Lower margins open possibility for sports betting arbitrage.
Sports betting arbitrage = situation where a bettor places bets on each
outcome of a match with two or more bookmakers in such ratio that –
regardless of the match result – his resources will be increased after the
match.
Lower margins do not secure this situation but make it more possible.
The main goal of this paper is to:
describe sports betting arbitrage,
examine its properties,
propose new betting strategies based on sports arbitrage occasions.

4
Data
Four top level English football leagues:
Premier League (level 1), EN1,
English Football League Championship (level 2), EN2,
English Football League One (level 3), EN3,
English Football League Two (level 4), EN4,
Results of last five seasons were used (i.e., 2013/14–2017/18).
Odds of seven bookmakers were used:
Bet365,
Bwin,
Interwetten,
Ladbrokes,
Pinnacle,
VC Bet,
William Hill.

5
Arbitrage Description
m … number of disjoint outcomes of race/match (e.g. three in football). <latexit sha1_base64="UYVDCsfRI7AvaGis0RTL4sGHrUs=">AAACxHicjVHLSsNAFD2Nr1pfVZdugkVwFZJumoKLgiAuW7AP0CLJdFpDJw+SiVCK/oBb/TbxD/QvvDNNQRdFJyQ5c+49Z+be6yciyKRtf5SMtfWNza3ydmVnd2//oHp41MviPGW8y2IRpwPfy7gIIt6VgRR8kKTcC33B+/70UsX7jzzNgji6kbOED0NvEgXjgHmSqE54X63ZVt11m07DXICGvQBus2k6lq1XDcVqx9V33GGEGAw5QnBEkIQFPGT03MKBjYS4IebEpYQCHed4QoW0OWVxyvCIndJ3Qrvbgo1orzwzrWZ0iqA3JaWJM9LElJcSVqeZOp5rZ8Wu8p5rT3W3Gf39wiskVuKB2L90y8z/6lQtEmO4uoaAako0o6pjhUuuu6Jubv6oSpJDQpzCI4qnhJlWLvtsak2ma1e99XT8U2cqVu1ZkZvjS92SBrycorka9OqWY1tOp15rXRSjLuMEpzineTbQwjXa6GrvF7zizbgyhJEZ+SLVKBWaY/xaxvM3UuOP2w==</latexit>
<latexit sha1_base64="axammWJWb3vWY3YPnK+2oIKgH0Q=">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</latexit>

B … number of bookmakers. <latexit sha1_base64="xEtRA7JTY01mbQM70Rw/eeeJY3k=">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</latexit>

<latexit sha1_base64="yN3nbMKhs1eKgfko4DgbdNEOSfo=">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</latexit>
sha1_base64="AFoq50byWEVGHih//z/5//Nh4g4=">AAACxHicjVHLSsNAFD2Nr1pfVZdugkVwFZIiNAXBoiAuW7CtUIsk6bSG5kUyEUrRnSu3+kF+hfgHij/hnUkKuig6IcmZc885M3fGjjw34br+XlAWFpeWV4qrpbX1jc2t8vZOJwnT2GFtJ/TC+Mq2Eua5AWtzl3vsKoqZ5dse69rjM1Hv3rE4ccPgkk8i1vetUeAOXcfiRLVOb8oVXauaZt2oqRmo6Rkw63XV0HQ5KievX48qgGZYfsM1BgjhIIUPhgCcsAcLCT09GNAREdfHlLiYkCvrDPcokTclFSOFReyYviOa9XI2oLnITKTboVU8emNyqjggT0i6mLBYTZX1VCYLdl72VGaKvU3ob+dZPrEct8T+5Zsp/+sTvXAMYcoeXOopkozozslTUnkqYufqj644JUTECTygekzYkc7ZOavSk8jexdlasv4hlYIVcyfXpvgUu6QLnt2iOh90qpqha0brqNI4RjaK2MM+Duk+a2jgAk20ZfYTnvGinCuekihpJlUKuWcXv4by8A2YiJJC</latexit>

oij , oij > 1, j = 1, 2, ..., B, i = 1, 2, ..., m decimal odds for outcome i <latexit sha1_base64="o7NLYraPQ2fxN+4cTXFmR81/gMY=">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</latexit>
<latexit sha1_base64="1mHhVUVMob5JX3W2exkRhVlRPU4=">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</latexit>
sha1_base64="fAkGaBjSIEZvNxa4TyuofIJk7fc=">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</latexit>

with bookmaker j .
<latexit sha1_base64="lCOAfU7212dpjYpbpqYlq3t27BU=">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</latexit>
sha1_base64="VwaSbM+Px8QLxprTvDkU6wvRdqc=">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</latexit>
sha1_base64="NHZgwYkzHh5uCMIXUzh4o5MrZeA=">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</latexit>

<latexit sha1_base64="20F884rsIqzP5kjh+S42luzyIyg=">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</latexit>
sha1_base64="vjvTs1BiEj4fgkElB6I2T6wUTGk=">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</latexit>
sha1_base64="FOGiODOQ8lLUSXoACgEMxV1Y2gE=">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</latexit>

Bettor is interested in the maximal odds for each outcome, i.e.

Oi = max oij .
<latexit sha1_base64="RJ0RRKWw97A1XisrFMVPiloBiO0=">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</latexit>
sha1_base64="SUVnELjJYeKI8mYThWkd+0UAN3U=">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</latexit>
sha1_base64="/ObmjvkMHwJHNGMzVpq94zVg34c=">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</latexit>
j=1,2,...,B

Arbitrage on betting market is situation where 



 bi Oi 1 i = 1, 2, ..., m ^ 9bi : bi Oi > 1


<latexit sha1_base64="uT/5y214XCuLb4tJhz/U5HmKKrU=">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</latexit>
sha1_base64="Ebma5tFEojgQI5ojSJ927+ZEaro=">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</latexit>
sha1_base64="iKBo23XdkcTV3hcr24dSShJj5tg=">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</latexit>

bi is a bet placed on the i th outcome (in football win, draw, lose).

<latexit sha1_base64="bquCax4PtjwqmKkU8CniQHVNj/A=">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</latexit>
sha1_base64="Ll68+ILmx2WC87f5k8W1h6qEHn8=">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</latexit>
sha1_base64="iGJ15Jfk8Np/xme0aFwCDdZzyHc=">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</latexit>
<latexit sha1_base64="o7NLYraPQ2fxN+4cTXFmR81/gMY=">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</latexit>
<latexit sha1_base64="1mHhVUVMob5JX3W2exkRhVlRPU4=">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</latexit>
sha1_base64="fAkGaBjSIEZvNxa4TyuofIJk7fc=">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</latexit>

m
X
bi = 1 is total wealth of the bettor ( 0  bi  1 ). <latexit sha1_base64="1dnh08R1RIhW/Eqim7X1iT9KsZA=">AAAC1HicjVHLTsJAFD3UF+ID1KWbicTEFWnZUHYkblxiIo8ECGnLgBNK27RTE4KujFt/wK1+k/EP9C+8M5REF0Sn6cyZc8+5M3euG/kikab5kTM2Nre2d/K7hb39g8Ni6ei4nYRp7PGWF/ph3HWdhPsi4C0ppM+7Ucydmevzjju9VPHOHY8TEQY3ch7xwcyZBGIsPEcSNSwVTdb3OXOHQq/WsFQ2K1Xbrls1tgQ1cwnsep1ZFVOPMrLRDEvv6GOEEB5SzMARQBL24SChrwcLJiLiBlgQFxMSOs7xgAJ5U1JxUjjETmme0K6XsQHtVc5Euz06xac/JifDOXlC0sWE1WlMx1OdWbHrci90TnW3Oa1ulmtGrMQtsX/5Vsr/+lQtEmPYugZBNUWaUdV5WZZUv4q6OftRlaQMEXEKjygeE/a0c/XOTHsSXbt6W0fHP7VSsWrvZdoUX+qW1OBVF9l60K5WLLNiXVfLDTtrdR6nOMMF9bOGBq7QREv3/AWveDPaxr3xaDwtpUYu85zg1zCevwGBlZSM</latexit>
sha1_base64="w2b9hdOivTER+6V3vNX1HYbhALo=">AAAC1HicjVHLSsQwFD3W93OqLt0ERXBV0tlMZzfgxuUIzig4MrQxarDTljYVRF2JW3/Arf6IPyH+gf6FN2kHdCGa0uTk3HNucnOjLFaF5vx9wpmcmp6ZnZtfWFxaXmm4q2v9Ii1zIXsijdP8KAoLGatE9rTSsTzKchmOolgeRpe7Jn54JfNCpcmBvs7kySg8T9SZEqEmaug2OBvEkkVDZVd/6G5xrxkEbb/FKtDiFQjabeZ73I6tzvJryQB0U/cNA5wihUCJESQSaMIxQhT0HcMHR0bcCW6IywkpG5e4wwJ5S1JJUoTEXtJ8Trvjmk1ob3IW1i3olJj+nJwM2+RJSZcTNqcxGy9tZsP+lvvG5jR3u6Y1qnONiNW4IPYv31j5X5+pReMMga1BUU2ZZUx1os5S2lcxN2ffqtKUISPO4FOK54SFdY7fmVlPYWs3bxva+IdVGtbsRa0t8WluSQ0ed5H9DvpNz+eev0+dDlCNOWxgEzvUzxY62EMXPdvzJzzjxek7t86981BJnYnas44fw3n8AiGhli4=</latexit>
sha1_base64="YwL+8iMju39fZLRLDpuTYaZJL2U=">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</latexit>

i=1
m
<latexit sha1_base64="RTxsuB8KQfNz2E25hxXatrxRFiE=">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</latexit>
sha1_base64="esFrMqnUdr1gRFeOKSg9fScqZAY=">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</latexit>

X 1
From the previous we get necessary condition for arbitrage < 1.
i=1
Oi
<latexit sha1_base64="18fFbRz0sGjyOJPFCn5gU2R/Q/Q=">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</latexit>
sha1_base64="oSfd6CDCys3QQmEbLsnVbhC+CRo=">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</latexit>
sha1_base64="u4CoLUmRedeP+o7pW1VWGxp7A+o=">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</latexit>

6
Arbitrage Betting Types
Five types of an arbitrage betting were investigated: arbitrage betting
with
uniform profit,
uniformly distributed residual resources (uniform residual),
preference for favoured option,
preference for outsider option, and
preference for given outcome.

7
Arbitrage Betting Types – Uniform Profit
For all possible outcomes we require same value of profit, i.e.
bi Oi = ↵ > 1, i = 1, 2, ..., m.
<latexit sha1_base64="iQJJIEINkhlvThfjhUJ+ZEDnFNg=">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</latexit>
sha1_base64="AwG9RdwcHxoexECBX1pZ2QEMn4I=">AAAC8nicjVE9T9xAEH0YkhBIwpEr06xASBQXyz4Jna8gQqJJx0XiAIlDp/WycCv8sbLXkdCJjn+QLh2i5Q/Qhh8RpaMk/4LZPZ+UFAjWsv32zby3OzOxTlRpguDPjDc79+r1m/m3C4vv3n9Yaix/3CvzqhCyL/IkLw5iXspEZbJvlEnkgS4kT+NE7sdn2za+/10WpcqzXXOu5VHKTzN1ogQ3RA0bn+Oh2hmqzQFP9IizLyxsscGo1FzI8YY2F0xthq12i/m+30r9YWM18NtR1A07bAI6wQRE3S4L/cCt1a3m2uU9gF7e+I0BjpFDoEIKiQyGcAKOkp5DhAigiTvCmLiCkHJxiQsskLaiLEkZnNgz+p7S7rBmM9pbz9KpBZ2S0FuQkmGNNDnlFYTtaczFK+ds2ae8x87T3u2c/nHtlRJrMCL2Od0086U6W4vBCSJXg6KatGNsdaJ2qVxX7M3ZP1UZctDEWXxM8YKwcMppn5nTlK5221vu4g8u07J2L+rcCn/tLWnA0ymyp8Fe2w8DP/xGk44wWfP4hBWs0zw72MJX9NAn7x+4xS/cecb76V1515NUb6bWNPHf8m4eAUmMoNs=</latexit>
sha1_base64="h8EUp6lNd7hY0NFak/sXwlKrDGU=">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</latexit>

This profit is secured when the bettor paces bets according to

1
Oi
bi = P m 1, i = 1, 2, ..., m
<latexit sha1_base64="bgXpBPrdsbyC2GwQ7fG1nD0Zgo4=">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</latexit>
sha1_base64="7eZV6eLDfGqOM3K6qtQmTQgOylg=">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</latexit>
sha1_base64="50vBzScgz/9KcDKKZOnPQieEmmk=">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</latexit>
i=1 Oi

This strategy provides the highest value of sure profit.

Result Home win Draw

Away win
Max odds (Oi) 2.50 4.00 3.50
Bet (bi) 0.427 0.267 0.305
Possible win 1.069 1.069 1.069

8
Arbitrage Betting Types – Uniform Residual
This strategy secures that for all possible match outcomes we obtain our
initial resources back, i.e. bi Oi 1, i = 1, 2, ..., m. <latexit sha1_base64="+b+dm4Uk6f9RjZoJ2uE1jCbmz9s=">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</latexit>
sha1_base64="DaJYXnATckEqrq6XfgDxuznfO5k=">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</latexit>

Equality is secured by bets bi = Oi 1 , i = 1, 2, ..., m.

Xm m
X
<latexit sha1_base64="pTZP3+s9DEveiYkwobEmJDHg68g=">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</latexit>
sha1_base64="7hanBG/dS//eJgbTsWJV5A7owTc=">AAAC7HicjVHLSsNAFD3G97vq0oWDIrqoISlIW1AQ3LhTwargoyTjqIN5kUwEKf0Ed+7ErT/gVtd+gvgH+hfemaagC9EJSc6ce8+Zuff6SSAz5TjvPVZvX//A4NDwyOjY+MRkaWp6P4vzlIsGj4M4PfS9TAQyEg0lVSAOk1R4oR+IA/9qU8cPrkWayTjaUzeJOAm9i0ieS+4popqlJb8p17eb8rS14rbL7PgySzwuWquJajO57pYrZdu2y6HdLC04dqVWq7tV1gFVpwNq9TpzbceshY2515gB2IlLbzjGGWJw5AghEEERDuAho+cILhwkxJ2gRVxKSJq4QBsjpM0pS1CGR+wVfS9od1SwEe21Z2bUnE4J6E1JybBImpjyUsL6NGbiuXHW7G/eLeOp73ZDf7/wColVuCT2L1038786XYvCOWqmBkk1JYbR1fHCJTdd0Tdn36pS5JAQp/EZxVPC3Ci7fWZGk5nadW89E/8wmZrVe17k5vjUt6QBd6fIfgf7Fdt1bHeXJr2GzhrCLOaxTPOsYgNb2EGDvG/xhGe8WJF1Z91bD51Uq6fQzODHsh6/ADxOnv8=</latexit>
sha1_base64="PCFYvyT22d5sURDj99qeJ/CuU94=">AAAC7HicjVHLTttAFD0YWh59EGDJglEj1C5Sy45ASaQiRWLDDpBIQErSyB4GGOGX7DESsvIJ7LpD3fYHui1rPgHxB+1fcGfsSO0ClbFsnzn3nDNzZ/wkkJlynMcZa3bu1ev5hcWlN2/fvV+uraz2szhPuejxOIjTE9/LRCAj0VNSBeIkSYUX+oE49i93df34SqSZjKMjdZ2IUeidR/JMck8RNa599MdyZ38svxaf3UmDDS+yxOOi2E7UhMkdt9Fs2LbdCO1xre7YzXa747ZYCVpOCdqdDnNtx4x6d+M+ZgAO4toDhjhFDI4cIQQiKMIBPGT0DODCQULcCAVxKSFp6gITLJE3J5UghUfsJX3PaTao2IjmOjMzbk6rBPSm5GTYJE9MupSwXo2Zem6SNftcdmEy9d6u6e9XWSGxChfE/s83Vb7Up3tROEPb9CCpp8QwujtepeTmVPTO2V9dKUpIiNP4lOopYW6c03NmxpOZ3vXZeqb+2yg1q+e80ub4o3dJFzy9RfY86Ddt17Hdw6169wvKsYB1fMAnus8WutjDAXqUfYOf+IU7K7K+WbfW91JqzVSeNfwzrB9PPY6fAw==</latexit>

1
If we sum over i we get
<latexit
b i = O i < 1.
<latexit sha1_base64="o7NLYraPQ2fxN+4cTXFmR81/gMY=">AAACxHicjVHLSsNAFD2Nr1pfVZdugkVwFZJumoKLgiAuW7AP0CJJOq1D82IyEUrRH3Cr3yb+gf6Fd6Yp6KLohCRnzr3nzNx7/TTkmbTtj5Kxtr6xuVXeruzs7u0fVA+PelmSi4B1gyRMxMD3MhbymHUllyEbpIJ5kR+yvj+9VPH+IxMZT+IbOUvZMPImMR/zwJNEdfh9tWZbdddtOg1zARr2ArjNpulYtl41FKudVN9xhxESBMgRgSGGJBzCQ0bPLRzYSIkbYk6cIMR1nOEJFdLmlMUowyN2St8J7W4LNqa98sy0OqBTQnoFKU2ckSahPEFYnWbqeK6dFbvKe6491d1m9PcLr4hYiQdi/9ItM/+rU7VIjOHqGjjVlGpGVRcULrnuirq5+aMqSQ4pcQqPKC4IB1q57LOpNZmuXfXW0/FPnalYtQ+K3Bxf6pY04OUUzdWgV7cc23I69Vrrohh1GSc4xTnNs4EWrtFGV3u/4BVvxpURGpmRL1KNUqE5xq9lPH8DSWOP1w==</latexit>
sha1_base64="1mHhVUVMob5JX3W2exkRhVlRPU4=">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</latexit>
sha1_base64="fAkGaBjSIEZvNxa4TyuofIJk7fc=">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</latexit>

<latexit sha1_base64="sOBLuoPXbCoY1C1sxqPfuIymTJ4=">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</latexit>
sha1_base64="6Y43RkoJRBwky4t2WRwtdnuz2sA=">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</latexit>
sha1_base64="k3HLmtqfffQtizYXTwfbz0GZjq8=">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</latexit>
i=1 i=1

It indicates that some of our resources are not used. We will denote
these residual resources by , > 0 and they can be computed by <latexit sha1_base64="7gP9VhVbd14OSt6ot7/n29Pesa0=">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</latexit>
sha1_base64="DNxD8qrcsfhlA6FqOtBHTPzsHus=">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</latexit>
sha1_base64="MDhBxVM8NB+93mkh7kl/n5Y6y+g=">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</latexit>

Xm
=1 Oi 1 .
<latexit sha1_base64="rbrhoB+uD1qZnJM/kQC84AQC8Vc=">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</latexit>
sha1_base64="ecMCi8dDXinx+SNxz3DT/OuoGc4=">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</latexit>
sha1_base64="5Ey65XuwnRnTV8yfcE1x4sWCT3E=">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</latexit>
i=1
Residual resources can be uniformly distributed and used for bets on
each match outcome, i.e. bets in this case are given by
1
bi = O i + , i = 1, 2, ..., m.
<latexit sha1_base64="yl2NKjLrivPzBIT8if2S3qlC3Uo=">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</latexit>
sha1_base64="YAQ3T5N0BVEfII0A5biabZ3G5f0=">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</latexit>
sha1_base64="Nz2eYsmUfD36cuvEaL6s3yMn7Ok=">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</latexit>
m

9
Arbitrage Betting Types – Uniform Residual
In this strategy a bettor can obtain different value of profit for each
match outcome.
The highest profit is obtained when the match ends with a result that
had the maximal betting odds.
Example (where = 0.0643 ).
<latexit sha1_base64="bAK6QZE+5BC3CvDi328zB+mAtCc=">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</latexit>
sha1_base64="QyttPCbB/8DhCL6h1MOcTb2NaNY=">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</latexit>
sha1_base64="UhgNXXS0zkzsIVWjotbWrhMwTDw=">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</latexit>

Result Home win Draw

Away win
Max odds (Oi) 2.50 4.00 3.50
Bet (bi) 0.421 0.271 0.307
Possible win 1.054 1.086 1.075

10
Arbitrage Betting Types – Other Options
Preference for favoured option (favourite).
Additional resources are placed only on favourite (the lowest odds), i.e.

bi = Oi 1 + is placed on favourite and on other match results we place bi = Oi .1
<latexit sha1_base64="FYBT9L1efFUWtyM0FQ+1D2jRm9k=">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</latexit>
sha1_base64="FKbTB9sUNCJPOrV+8a5X2DUopGY=">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</latexit>
sha1_base64="KnzhBODQ0BbM2bmuDlgUA1Em6w0=">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</latexit>

<latexit sha1_base64="iG5pwaTwnfloMyvm2S7hftfEd2Y=">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</latexit>
sha1_base64="aMJv4TzjxMqFNUtWkGidqZOIkZU=">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</latexit>
sha1_base64="pxfl03BLHojLB8k6TQlX3LyZa1c=">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</latexit>

<latexit sha1_base64="/ys7IlllbovZKsBpRoOS28rQuio=">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</latexit>
sha1_base64="VWeEguPiWkwLDJEQaqMyAAtTstE=">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</latexit>

Preference for outsider option (outsider).

Similar as in the previous case, now additional resources are placed on outsider
option (that can also be draw).
Preference for given outcome.
Similar as in the first case, now additional resources are placed on
home team win,
draw, or
away team win.

11
Arbitrage Betting Types – Other Options
Example (where <latexit sha1_base64="bAK6QZE+5BC3CvDi328zB+mAtCc=">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</latexit>
sha1_base64="QyttPCbB/8DhCL6h1MOcTb2NaNY=">AAAC1HicjVHLSsNAFD3GV62vquDGzaAIrsJExbagUHDjsoKtgopO4liDeZFMlFJdiVt/wK1+k/gH+hfemaagC9EJSc6ce86dufe6SeBnivP3IWt4ZHRsvDRRnpyanpmtzM23szhPPdny4iBOj1yRycCPZEv5KpBHSSpF6Aby0L3e1fHDG5lmfhwdqG4iT0PRifxL3xOKqLPK7ElHhKFgO4zbfGtz46yywu31Wq3uVFkfVHkf1Op15tjcrJXGYvv2HEAzrrzhBBeI4SFHCIkIinAAgYyeYzjgSIg7RY+4lJBv4hL3KJM3J5UkhSD2mr4d2h0XbER7nTMzbo9OCehNycmwSp6YdClhfRoz8dxk1uxvuXsmp75bl/5ukSskVuGK2L98A+V/fboWhUvUTA0+1ZQYRlfnFVly0xV9c/atKkUZEuI0vqB4StgzzkGfmfFkpnbdW2HiH0apWb33Cm2OT31LGvBgiux30F63HW47+zTpbfRXCUtYxhrNs4oG9tBEy8z8GS94tdrWnfVgPfal1lDhWcCPZT19AfzRlbM=</latexit>
sha1_base64="UhgNXXS0zkzsIVWjotbWrhMwTDw=">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</latexit>
= 0.0643 ) for bet on favourite/home team win.
Result Home win Draw
Away win
Max odds (Oi) 2.50 4.00 3.50
Bet (bi) 0.464 0.250 0.286
Possible win 1.161 1.000 1.000

Example (where <latexit sha1_base64="bAK6QZE+5BC3CvDi328zB+mAtCc=">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</latexit>

sha1_base64="QyttPCbB/8DhCL6h1MOcTb2NaNY=">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</latexit>
sha1_base64="UhgNXXS0zkzsIVWjotbWrhMwTDw=">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</latexit>
= 0.0643 ) for bet on draw.

Result Home win Draw

Away win
Max odds (Oi) 2.50 4.00 3.50
Bet (bi) 0.400 0.314 0.286
Possible win 1.000 1.257 1.000

12
Results
Number of arbitrage opportunities during seasons.

Profit per one match was analyzed in each league and season for all
seven strategies, i.e.
uniform profit,
uniform residual,
favourite,
outsider,
home,
draw, and
away.
13
Results
Profit per one match in Premier League (EN1).

Profit per one match in English Football League Championship (EN2).

14
Results
Profit per one match in English Football League One (EN3).

Profit per one match in English Football League Two (EN4).

15
Results
Uniform profit strategy recorder the highest average profit per one match
in Premier League (EN1).
Other three leagues usually offer about half the values of the profit per
one match.
Only English Football League Championship (EN2) recorded one single
strategy (Draw strategy) as the best in every single season.
There is no clear winner in other leagues, and the Uniform profit strategy
can be recommended as the one that will – because of its construction –
secure good result in all situations.

16
Conclusion
We described arbitrage on football betting market.
Seven strategies how to use arbitrage opportunities were proposed.
All strategies were demonstrated on four top level English football
leagues between 2013–14 season and 2017–18 season.
Data showed that in the Premier League (EN1) the number of arbitrage
opportunities, as well as average arbitrage profit per match, increased
during analyzed seasons.
Decrease in number of arbitrage opportunities was observed in lower
lever leagues, while average arbitrage profit per match maintained its
value during the analyzed season.
Future work can investigate arbitrage opportunities in more football
leagues, in other sports, and it can investigate strategies where bettor
use more matches in a single bet.

17
References
[Figure] Petr Cech, author: RonnieMacdonald. Licence: Creative Commons BY 2.0. Available at 

Flickr.com
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 Thank you for
your attention!

Patrice Marek and František Vávra

University of West Bohemia, 

Czech Republic

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