If you want to get started with sports arbitrage betting, you might run into trouble while choosing your currency. This happens mostly to arbitrage traders from non English-speaking countries. Among TOP currencies we can definitely consider the US dollar and British pound. Euro and Japanese yen follow these closely. Thus if your domestic currency is different from the above-mentioned ones, you should carefully consider which currency to choose.
Almost every arbitrage trader started off with some local bookies, and then gradually developed his or her strategy. However, if you are reading this article you are definitely looking for some betting strategy that will bring you profit in the long run. You just want to bet and win every time – am I not right? If so, then sports arbitrage betting is the thing you have been looking for.
At first you need to think about transaction costs. When you do a sports arbitrage between two bookmakers with different currencies, you need to recalculate stakes every time. What does that mean?
- It slows you down, and time is crucial while placing arbitrage bets. The faster you are, the better, so why slow yourself down?
- If you don’t want to lose money, you will have to adjust the exchange rate every day, which again is time-consuming work.
Now you need to think about your funds. It is well known that you should keep your arbitrage funds separately from your other money. To do this, we recommend Skrill (LESSON 2: Bookmakers and eWallet Skrill). However, to keep your money in one place while using different currencies is difficult. When doing arbitrage trading you will need to withdraw often from bookmakers, so you should keep your funds effectively divided. This means that from time to time you will need to convert your money again.
In Skrill, you can have a multiple-currency account; however, you need to be VIP member. If you would like to become one, write us an email and we will tell you some tips and tricks on how to do this in almost no time.
From our own experience we definitely recommend that you convert your money to one of the top currencies as soon as possible. Then upload it to Skrill and start earning some decent money.
Our team started out with our native currency. However, we then needed to have some bookmakers in the euro currency as well, so we end up having a multiple-currency portfolio. Trust us – this is not comfortable. So if you can – before you boost your sports arbitrage betting career – unify your bankroll.