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The first step is to create E-wallet accounts with Skrill and Neteller and transferring your available balance into them. It will take a couple of days for that transfer to go through.
While waiting for that, sign up at one or more free alert services/free trials and start observing which bookmakers are frequent.
Use SureBetBookies to check information about that bookmaker – check rating, reliability, funding methods, etc.
Also use this time to practice finding the actual bets reported by the alert services
Your alert service is perhaps your closest companion and your most powerful tool as an arbitrage trader. Any given alert service can be slow from time to time. Bet odds amongst bookmakers can obviously change rather frequently, making it especially difficult to recommend any single one. Develop your own preferences and see which one works for you but in any event, don't just trust the alert services, check they are reporting accurately!
Once your e-wallet is funded, you can start depositing in bookmakers – We are going to suggest a systematic approach to this which involves tying your funding process in to the alerts you receive:Continue testing free trials and free alert services, and/or pay for a month access to your chosen alert service. You will fund each bookmaker, one at a time, according to arb activity, bookmaker quality, and bonus conditions. As an arb is found which might be worthwhile, you systematically investigate the bookmaker(s) involved and determine their quality and reliability. If worthy, you should investigate their bonus conditions and ensure you can take full advantage of their bonus offers – if so, you deposit an appropriate amount and claim your bonus as applicable. Then, if the arb is still available you place the trade.
Placing the trade is the least important part of the process, but the ideal result is you have just funded two good reliable sportsbooks, claimed two bonuses, and made a small percentage trade in the process. Repeat until you have about 70-80% of your bankroll spread through an appropriate number of sportsbooks. Maintain that 20-30% buffer in your E-wallet to allow top-ups of your main sportsbooks as they get low balances.
As you are gradually opening more bookmaker accounts, you will be placing arb trades between your funded accounts, slowly rolling over your bonus requirements (or arbing them out entirely). As this process proceeds you will leave behind low performing bookmakers, and open new accounts at other bookmakers – either better performing books, or simply books which offer good value sign up bonuses. Never stop looking for new good books with good sign up bonuses – your profits will be increased significantly by taking full advantage of valuable bonuses.
With a reasonable number of books funded, your main priority over the long run is to balance your funds between the books optimally, roll over all bonus amounts, move on from low performing books and limited accounts, and continue opening accounts with new profitable sign up bonuses. All the while you should continue to improve your trading technique itself, improving speed and accuracy, reducing newbie errors, and learning from mistakes. Use lulls to work on your ability to find arbs manually – your most profitable arbs can come from manually found arbs. Always pay attention to trends, and try to always adapt to changes in the arbitrage landscape – whatever form they may take.
There is no stage where you will know it all, and there is no final destination with arbitrage trading. It is an ongoing journey of constant learning, practice and adaptation. Luckily, it should be profitable the whole way!