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Setting up your E-Wallets

This article will discuss some of the pitfalls and deals with some invaluable advice for setting up your e-wallets.

First of all, you will need to pick your trading currency...

USD is universally the most widely accepted with the greatest majority of bookmakers accepting this currency.
EUR and GBP follow closely in terms of popularity and acceptance among bookmakers.

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 three, then you should pick one to trade because every other currency is simply under-represented in the global bookmaker marketplace.

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.

  1. USD is accepted by 66% of active bookmakers.
  2. EUR is accepted by 65% of active bookmakers.
  3. GBP is accepted by 57% of active bookmakers.

Statistics provided live by SureBetBookies - the only arbitrage traders database.

The Advantages of Using a Single Major Currency

Using a single major currency when arbitrage trading is advised for one major reason:

If you try to place an arbitrage trade with two different currencies, then you are just making things harder for yourself.

In a game where speed is of the essence, every effort you can take to streamline the process is vital. By allowing multiple currencies to creep into your bookmaker accounts, you can really handicap your performance.

Risk Factor

Of course, exchanging all of your trading capital into another currency carries risk with it – over the course of trading the currency could lose value and you could lose significant amounts of money just from that. But equally, it could gain value, and you could make much more money.

This risk is annoying, but is something which you generally can't do anything about, can’t predict, and can't avoid. Even if you try to trade in your local currency, say AUD, then inevitably you will find yourself needing to expand into the bookmakers which do not accept AUD, which is most of them.
You then find yourself exposed to currency fluctuation risks anyway!

Avoid Fatal Errors - Keep it Simple

The difference between trying to trade in your local currency plus one or two of the major currencies when you need to, versus using just one currency, is that by using one currency - all of your accounting is simple and each arb trade you place is straight forward.

If you use multiple currencies, then you need to calculate the exchange rate on each trade before you can do anything else. Imagine the nightmare of constantly re-calculating the value of your capital since a portion of it always changing.

Worse, if you try to simplify things and assume the value of your foreign currency is static, then you run the risk of placing arb trades which regularly result in actual losses (by converting the stronger currency to a weaker currency).

Again, because currency can go up or down and most of us have no idea which way it is going to go, it is arguable that statistically you are just as likely to profit as you are to lose. But this is true for both approaches (local currency+major currency and major currency only), but multiple currencies still leaves you dealing with different accounts with different currencies.

So when your arb calculator says to place $200 in one bookie, and $200 in the second one – you still need to convert that $200 into its actual amount in the second currency. If you are in a rush, and accidentally place $200 AUD and £200 GBP – your simple arb is suddenly a HUGE mistake. Dealing with multiple currencies is just not worth it!

  1. USD is accepted by 66% of active bookmakers.
  2. EUR is accepted by 65% of active bookmakers.
  3. GBP is accepted by 57% of active bookmakers.

Statistics provided live by SureBetBookies - the only arbitrage traders database.

Verifying your Identity

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 thousands of dollars moving around each month), then it will definitely be worth 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.

Skrill VIP Status - Discounts and Cashback

Sports Arbitrage Guide has partnered with Skrill to give you the best bonuses possible when registering and transferring money with Skrill.
Remember, as an arb trader, depositing and withdrawing from bookmakers costs you nothing. So now you can move money around for free, and make money by doing it.

Anyone having transacted more than €3,000 EUR in a 30 day period, or perhaps even those intending to can apply for Skrill VIP status to even further remove or decrease fees and receive additional benefits, including cash back offers.

VIP status is open to both new and existing Skrill users and is part of an exclusive offer through Sports Arbitrage Guide.

Exclusively for Sports Arbitrage Guide members:
Transact €3,000 or more within a 30 day period and you not only get Skrill VIP status you also get €30 cash bonus from Skrill.
More - when you deposit €5,000, you get €50, and if you deposit €10,000 - €100 cash bonus.

After setting up your Skrill account, apply to get VIP status here.

In Summary...

  1. Pick a currency out of USD, EUR and GBP to trade with. You should trade totally in only one of these currencies.
  2. Create a new email account for bookmakers and sign up with e-wallet services Skrill and Neteller.
  3. Set towards verifying your identity for your e-wallets, you may need to send scanned documents.
  4. Deposit your initial bankroll to the e-wallet, ideally with Skrill as they tend to have a more favourable fee structure (so long as your bookies accept Skrill).
  5. Set towards applying for Skrill VIP status to reduce fees and take advantage of the cashback offer.
  6. Next, move on to trialing alert services to find the best ones for you.

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