First of all, pick your currency – USD is still the most widely accepted with 97 out of 126 active bookmakers listed at SureBetBookies which use USD, while 82 accept EUR and 75 accept GBP. If one of these currencies is your normal currency, then you should stick with it. If your normal currency is anything other than one of these 3, then you should pick one to trade in – every other currency is simply under-represented in the global bookmaker marketplace.
See the Sports Arbitrage Guide Blog article called ‘The Advantages of Using a Single Major Currency‘.
Once you have your currency selected you should open a Skrill (Moneybookers) and a Neteller account and immediately set to verifying your identity with both. You will need to create these accounts with the same email address that you will be using for all of your bookmaker accounts, so I recommend setting up a new email account specifically for arbitrage trading and using that for everything. To verify your identity you will need to email scanned documents, return codes used to deposit in your bank account, and submit codes sent to you via mail, or whatever else they ask you to do. Skrill (Moneybookers) increases your transfer limit based on how many hoops you jump through – jump through as many as you can. If you plan on trading with a large bankroll (many tens of thousands of dollars moving around each month), then it may be worth contacting them via phone and indicating your desire to use the account for professional gambling purposes, and requesting a VIP account.
After starting this process of self-verification, you will also want to initiate the transfer of your funds into your new E-wallet. This will usually take a couple of business days to clear, hence why you need to do this first. While you wait for the funds to clear you should use the time to check out alert services, and start checking arbs at bookmakers.