HELP, I only got one side of my arbitrage bet in!

Riskiest: Ride out the bet you got in

Don't take any more action, just wait and see what happens.

While this is the riskiest option, it does have the most upside if the bet you did get in ends up winning.

One other benefit is that you don't have to worry about cash-out offers or monitor odds at other sportsbooks to try hedging.

In short, this is the riskiest and laziest, but potentially most profitable, solution. 

Risky, but a good starting point: Wait to see if the odds swing back in your favor

In this scenario, you would watch the opposite side of your first bet, waiting for the right odds that would produce another arbitrage opportunity.

Once the sum of the odds of your existing bet and the odds of the opposite side is positive, you will profit if you bet the correct amount.

Using an odds screen makes it much easier to stay on top of the live odds and strike when the time is right.

It's worth noting that if you go this route, none of the other options listed on the page are off the table.

You can start off by waiting to see if the odds swing back in your favor, then later on decide to take a cash-out offer or hedge.

That's why I say it's risky, but a good starting point for when you find yourself in this situation.

Risky: Wait for a profitable cash-out offer

If you don't feel like checking the odds at other sportsbooks, you could just pay attention to your cash-out offer.

There's a chance that the odds will change so much that you'll get an offer higher than what you bet, meaning you walk away with a profit. 

Pre-game news (especially injuries and weather) can drastically swing lines, but you're most likely to start seeing larger swings in cash-out offers during games.

Just remember, your cash-out offer can always go lower, so it's important to time it well.

Finally (but very importantly), if you're getting a profitable cash-out offer, there's likely a sportsbook that you can live arbitrage with your existing bet (see the step above) and make more money than taking the cash-out offer.

Safer: Hedge (likely at a loss)

You could immediately hedge by placing a wager on the opposite side of your existing bet at whatever odds are currently available.

Typically, you'll just have to eat the vig (~5% depending on the market), but it can vary a lot depending on the odds you get.

It's important to shop around for the best odds if you're going to hedge your bet.

Don't just place it with whatever sportsbook you were going to use for the bet, since there's a chance their odds shifted so much that another book is offering a better deal.

You can also wait to start and decide to hedge later as the game unfolds.

Safer: Cash out (either immediately or later in the game)

If you don't have time to (or just don't want to) pay attention to the odds, you can always just take the cash-out offer, if it's available.

This is an easy option, but it typically results in leaving money on the table.

Most often, hedging with another sportsbook (see above) will result in a higher payout since odds vary from one to another, but it's still worth checking what your cashout offer is.

Sometimes, you'll find one that is better than what your return would be by hedging your bet, in which case, go for it!

Optimizing your arbitrage betting strategy: which side to bet first

Before we wrap up, it's worth noting that when arbitrage betting, you should always first wager on the positive expected value (+EV) side. That is the one whose odds are more of an outlier relative to the market.

For example, let's say most sportsbooks have the Eagles moneyline at -120 and the Cowboys moneyline at +100.

If you find Eagles -115 and Cowboys +120, then the Cowboys would be the +EV bet since you're getting such a better deal relative to the consensus.

By taking the +EV side first, if you can't get the second side in, you're still getting great odds that should be profitable long-term.