Arbitrage Betting in New Zealand: How the Math Works, Why TAB NZ Holds the Whole Market, and What It Costs an Account

Updated October 2026

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Last verified against the Department of Internal Affairs’ published statements and TAB NZ’s app listing on 26 October 2026. Licence status of each operator checked against the framework in the Racing Industry Act 2020 as amended, and against each brand’s own published terms.

An arbitrage bet sounds free: a price for every outcome, a stake on each, profit whoever wins. The arithmetic is real. The catch is everything around it — the law in New Zealand, the thinness of the margin that survives once the bookmaker has taken its share, and the speed with which the bookmakers that still let you place the bets close the door. This page walks through each piece in turn. It is for a punter deciding whether the technique is worth setting up at all, and at what price.

Staying in Control: What an Arbitrage Setup Demands of the Bettor

Any plan to run arbitrage bets starts with a frank look at what kind of punter you are, because the technique is unforgiving on every front at once. The stake has to be large enough that the percentage return is meaningful. The execution has to be fast enough that one of the prices has not moved by the time the second bet is placed. The bookmaker relationship has to be treated as expendable, because most operators treat an arber as a customer they prefer not to have.

TAB NZ’s own app carries the basic guardrails that the Gambling Act 2003 framework asks of it. Deposit limits, time-outs and self-exclusion sit in the account settings, and the exclusions apply across TAB and Betcha together, since both run off the same TAB NZ account. The free Gambling Helpline on 0800 654 655 and the text line on 8006 are listed in the app. Safer Gambling Aotearoa is the public-facing harm-minimisation programme. These are the only New Zealand-bounded tools a punter can reach through a betting app; offshore brands offer nothing that hooks into them.

The honest first question is whether the budget you commit to an arbitrage cycle is one you can afford to lose in a single bad run. If it is, the rest of this page is worth reading. If it is not, the answer is to walk past the technique and bet on a single outcome through TAB NZ or Betcha, where the stake is small, the rules are clear, and the account stays open.

Crypto, Identity, and the Offshore Route That New Zealand Does Not Bother to Geo-Block

A common work-around in other jurisdictions is to keep several bookmaker accounts in different names, fund them through crypto, and move the stake around without a paper trail. New Zealand does not block that path with a payment rule, but it does not need to: the Racing Industry Act 2020 puts the prohibition on the operator, not the player, and an offshore bookmaker taking a bet from a person in New Zealand is breaking section 74AAA regardless of how the money moved. The Department of Internal Affairs told providers serving New Zealand to withdraw with immediate effect when the amendment took effect on 28 June 2025. None of the brands listed below accept New Zealand customers under a New Zealand licence; the Curaçao and Tobique Gaming Commission permits some of them carry give no right to take bets from here.

The account opening at TAB NZ is the other half of the same story. TAB NZ verifies a New Zealand address and identity before an account can stake real money, and the verification is one of the reasons the safer-gambling tools reach every account. That is the model an offshore bookmaker that wants New Zealand business cannot offer, because the offshore brand is already serving the customer in defiance of section 74AAA. It cannot then ask for the documents that let the New Zealand harm-minimisation framework reach the account. The punter ends up with a wallet and no regulator behind it.

A punter who chooses this path is more interested in the betting side than in the framework, and that is the punter the rest of this page addresses, because the offshore bookmakers on the comparison below are the brands a New Zealand reader will encounter. None of them is recommended; the table is for completeness. The choice between them is made on the same terms it is made anywhere else in the world.

How a Tipster Service or a “System” Reaches a Punter Who Wants Arbitrage

Search traffic around arbitrage has a steady undercurrent of “tips today”, “system”, and “find an arb for me”. The honest version of each is short. An arb finder scans bookmaker prices across many operators for events whose implied probabilities add up to less than one and surfaces the handful where they do. A tipster service sells picks on outcomes. A system is a staking plan layered on top. None of them changes the arithmetic in the next section of this article, because the arithmetic is the only part of the technique that is settled. The pick is the part that is contested, and a service selling picks is selling the part that, by construction, cannot be sold honestly.

The “arb today” wording also tends to obscure the size of the input. A 2012 study by Franck, Verbeek and Nuesch found that 98% of arbitrage opportunities return less than 1.2%, so the technique lives on relatively large sums of money. The next section is the calculation that decides whether any one opportunity is worth keeping.

How the Bet Is Built: Outcomes, Odds, and What a Winning Bet Returns

An arbitrage opportunity exists when the odds cover all mutually exclusive outcomes of an event and their implied probabilities add up to less than one. The cleanest worked example is a two-way market, where every outcome is covered by one of two bets. Decimal odds of 1.90 and 1.90 give an implied probability of 1 ÷ 1.90 plus 1 ÷ 1.90, or about 0.526 plus 0.526, or about 1.053. The implied probabilities add up to 1.053, which is more than one, so this pair of prices is not an arbitrage: the bookmaker’s margin sits inside both prices, and the customer is the one paying it. To turn the same market into an arbitrage the two sides need to clear about 1.95 each, which an aggressive bookmaker on an unfancied event produces but rarely for long.

The payout of a winning single bet is the stake multiplied by the decimal odds. A $10 bet at 1.90 returns $19, of which $9 is net profit. For a combination bet the legs multiply into a single price, and a $10 stake on three legs at 1.90, 1.95 and 2.10 returns $10 multiplied by 7.76, or $77.60, of which $67.60 is net profit. The combination price is the part a punter who treats the technique as a numbers game cares about most, because the technique lives on a thin margin per outcome and a punter who misreads a leg of a multi wipes the margin in a single click.

The Bookmaker’s Margin, Stated as a Range

The bookmaker’s margin is what the operator keeps of every unit bet on a market, and it is the figure that separates a market with an arbitrage in it from a market without one. For a two-way market at decimal odds 1.90 and 1.90 the payout share is one divided by one over 1.90 plus one over 1.90, or about 0.9524, so the margin is about 4.8%. For the same market priced at 1.95 and 1.95 the payout share is one divided by one over 1.95 plus one over 1.95, or about 0.9756, so the margin sits around 2.4%. The result for any single market is a band that depends on how the prices are set, and the band runs from roughly 2% on a competitive two-way line to roughly 5% on a quieter one, with longer-priced markets and exotic markets adding several percentage points on top.

The margin is the gatekeeper for arbitrage: a punter looking for an arb in a market at 1.90 and 1.90 will not find one in that pair of prices, because the 4.8% margin is the operator’s take. A punter looking across several bookmakers for the same event at 1.95 and 1.95 may find a thin one if a competitor is slow to move, and that is the opportunity the rest of the technique lives on. The margin also explains why the study cited earlier found that most opportunities return less than 1.2%: a 1.2% return per round of betting, on stakes, before any of the costs the operator imposes on an account identified as an arber.

What Bookmakers Do to Accounts That Arbitrage

The arithmetic is one half of the technique and the bookmaker’s response is the other half. The Wikipedia summary of the practice is blunt: bookmakers usually detect arbitrage betting quickly and view it unfavourably; maximum wager limits on such accounts often drop sharply, and in the past half of an arbitrage bet was cancelled or the account closed. The current operating practice is closer to the limit cut than the outright ban, because the limit cut is harder to argue with and reaches the same effect. A punter who plans to arbitrage across several brands is planning to be unwelcome at every one of them, and the planning has to account for the day the last account is closed.

The detection is not subtle. A bettor whose stake pattern lines up prices across several operators within minutes, who withdraws the balance shortly after the event settles, and whose average bet size drifts up as the limits come off is a textbook shape, and the rule engines at every major brand look for it. The point of the comparison table below is to show which of the brands a New Zealand punter is most likely to encounter and what each publishes about its own terms on the relevant mechanics. None of them publishes an arb-friendly policy, because none of them has a commercial reason to.

Top 10 Platforms a New Zealand Punter Will Encounter, and How Each Stands Up

The ten platforms below split into two groups. TAB and Betcha are the two online brands of TAB NZ, the only provider lawfully offering racing and sports betting to people in New Zealand since 28 June 2025 (section 74AAA of the Racing Industry Act 2020). They are one operator group, not two competitors, and the partnership with Entain runs the operation under a 25-year agreement signed in 2023 that gives Entain a 50/50 share of gross profits, with at least NZ$150 million a year going to TAB NZ for the first five years and Entain pledging a one-off NZ$100 million payment to the racing sector.

The other eight brands are listed for reference. Each is not licensed in New Zealand, and the table below is not a recommendation. It is a snapshot of what each publishes about the mechanics a punter choosing among them compares: the odds formats offered, the bet types supported, the in-play and live-betting shape, the licence claimed, and the kind of harm-minimisation reach the brand offers. Offshore bookmakers take New Zealand business in defiance of section 74AAA, and a New Zealand punter using them has no New Zealand complaints route and no New Zealand harm-minimisation framework to fall back on.

Landscape: Where Each Brand Stands on the Mechanics That Matter

The table is a snapshot of what each brand publishes about the mechanics a New Zealand punter comparing options looks at. Several brands carry similar licences under the same Curaçao banner; the gap is in the menu shape and the bet types covered, not in the legal reach any of them has into New Zealand, which is none.

TAB and Betcha, Read Together

TAB and Betcha are the two brands of TAB NZ, which is the only lawful provider in New Zealand. Reading them as competitors is a category error. TAB is the older brand and the one that runs the retail outlets and the long-form bet types (Quinella, Exacta, Trifecta, First4, Daily Double, Running Double, Quaddie and Big6). Betcha is the newer brand, built around a daily Toolbox of odds boosts and insurance tools, a Bet Social section where punters chat, follow tipsters and share bets, and a Playbook of tips and match analysis. Both run off the same TAB NZ account, both share the same harm-minimisation tools, and both inherit the same exclusion across the TAB NZ account. The division is product, not operator.

A punter who wants a same-game multi or a Same Game Multi lives on TAB; a punter who wants a daily boosted-odds sheet and a social feed lives on Betcha. Neither is a substitute for the other for its own product, and a punter who only opens one is making a product choice, not a regulatory one. The TAB NZ app has been on the New Zealand App Store since 8 September 2014 under the seller name New Zealand Racing Board, and the Betcha app sits beside it under the same account.

The Eight Offshore Brands

The remaining eight brands are listed in the order they appear in the comparison above. None of them is licensed in New Zealand. None of them offers a New Zealand harm-minimisation framework or a New Zealand complaints route. The choice between them is made on their menus, their odds formats and their bet types, the same way the choice between two overseas brands is made anywhere else in the world, and the consequence of choosing any of them is the same: the stake sits outside the New Zealand framework.

Glorion describes itself as offering Live Chat and email support and an 18-plus age gate. The product surface beyond that is not enumerated on the brand’s own About Us page, which is short. A punter choosing Glorion is choosing a brand whose marketing is the support page, and the rest of the case has to be built in the terms.

Roobet operates under a Curaçao licence (OGL/2024/687/0427) held by Raw Entertainment B.V. The brand is crypto-funded, and a punter planning to stake from a wallet rather than a bank account finds the path here. The lack of a New Zealand framework is unchanged.

22Bet operates under a Curaçao licence (8048/JAZ) held by TechSolutions Group N.V. and supports singles, accumulators, systems and chains alongside live betting with real-time odds and score updates. The breadth of the bet-type menu is the brand’s pitch, and a punter whose plan needs chains and systems will look here.

Rabona launched on 23 December 2019 as the sixth online sportsbook of the Soft2Bet group, which puts it as a mid-tenure brand in a group of established operators. The Curaçao licence is the regulatory anchor, and the rest is the Soft2Bet sportsbook template.

Golden Panda publishes dedicated Sports Terms and Conditions covering fixed-odds betting, Combo Bets, the Bet Builder feature, live scoreboards and broadcasts, and stake and odds limits. The detail of the terms is the brand’s pitch: a punter who reads the terms and finds them clear is the punter who ends up here.

BetNinja operates under a licence from the Union of the Comoros, which is the regulatory anchor on the brand’s own pages. The Comoros licence is among the lighter regulatory frames in the market.

BillyBets offers three odds formats (Decimal at 2.00, American at +100 and Fractional at 1/1), cashback and reload bonuses on sports, a coin shop for free bets and free spins, and a five-level VIP programme. The bonus layering is the brand’s pitch, and a punter whose plan runs on reload cadence will read the terms for the qualifying bets.

FunBet offers football, ice hockey, American football, basketball, volleyball, tennis, rugby and baseball, with live betting and a bookmaker described as open 24/7. The menu breadth is the pitch, and a punter whose plan is spread across several codes will read the larger shop.

The Verdict on the Comparison

The honest read of the table is that TAB NZ and Betcha are not the best answer to every question a New Zealand punter might ask, but they are the only answer to most of them. The TAB NZ account carries the New Zealand harm-minimisation tools, the verified identity, and the route to the Gambling Helpline. The offshore brands carry menus that may be wider, odds formats that may suit the reader, and licences from jurisdictions that do not include New Zealand. A punter who is choosing between them is choosing between an account that has New Zealand behind it and an account that does not, and the rest of the comparison is the smaller question.

What Arbitrage Betting Actually Is, and Why the Headline Reads the Way It Does

An arbitrage bet, sometimes called an “arbitrage opportunity”, is a position across all mutually exclusive outcomes of an event, taken at prices on different bookmakers, where the sum of the implied probabilities is less than one. Because the outcomes are mutually exclusive, exactly one of them lands, and the punter is paid out on the leg that does. The return on the round is the sum of the payouts on the winning leg minus the sum of the stakes on all legs. Because the sum of the implied probabilities is less than one, the sum of the payouts is greater than the sum of the stakes, and the round closes in profit. The mechanism is straightforward; the rest of the page is about the conditions that have to hold for the mechanism to work.

The Conditions That Have to Hold

Three conditions run across every arb. First, the prices on each leg have to be available at the same moment, which means the punter has to have funded accounts at each bookmaker, the accounts have to be in good standing, and the limits on each account have to allow the planned stake. Second, the prices have to remain stable long enough for both bets to land, which means the second bet has to be confirmed before the price on the first moves, and the bookmaker on the first bet has to confirm the bet rather than void it. Third, the bookmakers have to accept the bets, which means none of them has flagged the punter’s pattern as an arb pattern and none of them has restricted the relevant market in the meantime. None of these conditions is a market condition; all of them are operational conditions that the punter is trying to keep stable across several operators at once.

Why the Margin Matters More Than the Headline Number

A headline return of 3% on a $1,000 stake is $30. The headline is the part the marketing tends to lead with, and the margin is the part the marketing tends to leave out. The 3% is the return after the bookmaker’s margin, and the bookmaker’s margin on the same market is the percentage that did not return to the customer. The honest version of the headline is that the bookmaker kept about 3% on the same round, and the rest of the round is the punter’s stake and the winning leg. A punter running the technique is, by construction, taking a thin slice of a thin pie, and the arithmetic on a quiet weekend is the difference between a $30 day and a $0 day.

Why the Stake Has to Be Large

The 2012 study cited above found that 98% of arbitrage opportunities return less than 1.2%, and the rest of the page’s references to “large sums” come from this finding. A 1% return on a $100 stake is $1. A 1% return on a $10,000 stake is $100, which is meaningful but is also a stake that several bookmakers notice in a single round. The tension between stake size and bookmaker tolerance is the central operational constraint of the technique, and every other constraint on the page sits downstream of it.

Why Bookmakers Limit or Close Arber Accounts

The detection, the limit cuts and the closures are all forms of the same response, and the response is built into the rule engines at the major operators. A punter whose stake pattern is shaped like an arber is a customer whose expected value to the operator is negative over the long run, because every arb the punter closes is a bet the operator otherwise keeps the margin on. The operator’s commercial interest is to make the technique unworkable on its books, and the levers it has are the stake limit, the market restriction, and the account closure. The punter’s commercial interest is to keep the pattern below the rule engine’s threshold, and the lever for that is a smaller stake, a longer delay between legs, and a longer rotation between bookmakers. The two interests are in direct tension, and the punter’s tolerance for risk on each rate is the limit on the technique’s scale.

The New Zealand Law: Why TAB NZ Holds the Whole Market

The Racing Industry Act 2020, as amended by the Racing Industry Amendment Act 2025, inserted section 74AAA, which says no person other than TAB NZ may offer racing betting, sports betting or other racing or sports betting to a person in New Zealand, regardless of where that person is resident or incorporated. The change took effect on 28 June 2025, and the Department of Internal Affairs told providers serving New Zealand to withdraw with immediate effect. TAB NZ is run by Entain under the partnership described above, and the two brands are TAB and Betcha. There is no licence register for bookmakers, because there is only one lawful operator.

The Online Casino Gambling Act 2026 is a separate piece of the framework, and it licenses online casino gambling only. TAB NZ winning the right to apply for a casino licence under that law does not extend the betting monopoly, and a punter reading about a “TAB NZ casino licence” reads it as a casino licence. Greyhound racing is closing in stages from 1 August 2026, and from that date offshore operators may not take bets on greyhound races either.

What the Law Says About the Player

Section 19(4) of the Gambling Act 2003, inserted in 2025, says an individual may not be convicted for placing a bet with an offshore betting operator in breach of section 74AAA, and no source states a penalty for a player. The prohibition targets the operator, and the Department of Internal Affairs warns the player about the risks: an overseas operator may be in a jurisdiction with minimal consumer safeguards, may not return unspent credits, and may not pay out large wins. The law does not geo-block offshore websites, which means a New Zealand punter can reach an offshore bookmaker, but the law puts the operator on the wrong side of the prohibition for doing so.

What the Law Says About Bonuses, Advertising, and Tax

The Advertising Standards Authority’s Gambling Advertising Code applies to betting advertisements and asks for truthful terms and no targeting of children (under 14) or young people (14 to under 18), judged by context, appeal and expected audience. There is no New Zealand equivalent of a whistle-to-whistle ban for betting. TAB NZ runs “bonus bets” promotions; no New Zealand rule on bet-bonus size or wagering terms was found, so the relevant terms are TAB NZ’s own. Inland Revenue guidance says recreational gambling winnings are generally not taxable and prize money from TAB horse, dog and trotting races is not taxable, with the caveat that a person who bets as a business is a different case. The operator side of the picture carries the Problem Gambling Levy at 0.74% on TAB NZ and the online gambling duty on overseas operators serving New Zealand residents (12% of profits since 1 July 2024, 16% from 1 January 2027), but the duty being payable does not make an offer lawful: a brand paying tax to one arm of the New Zealand framework is still on the wrong side of section 74AAA for taking a bet from a New Zealand punter.

The Practical Consequence

The practical consequence of the framework is that a New Zealand punter who wants to arbitrage has, on the lawful side of the line, only TAB NZ and Betcha. The arbitrage technique lives on several bookmakers pricing the same event differently, and the lawful New Zealand pair does not produce a meaningful cross-book spread, because the two brands run off the same account. A punter who wants a real arb in New Zealand has to step outside the lawful pair, and the moment they do, the operator is on the wrong side of section 74AAA and the punter is outside the New Zealand harm-minimisation framework. The arithmetic is unchanged; the regulatory and consumer-protection shape around it is different.

What a Punter Reads on the Terms: Reading TAB NZ, Reading the Offshore Brands

A punter reading a brand’s own terms before staking is doing the one thing the marketing copy will not do for them. The TAB NZ terms cover the bet types listed above and the safer-gambling tools, and the framework around them is the New Zealand framework. An offshore brand’s terms cover the bet types the brand offers and the licence the brand claims, and the framework around them is the framework of the jurisdiction that issued the licence. None of the offshore brands in the comparison above claims a New Zealand licence, because none of them has one to claim.

The terms to read are the ones that decide the punter’s stake and the punter’s payout: the minimum stake, the maximum stake, the maximum payout, the payout time, the voiding rules on a non-runner, and the rule on what counts as a win on each bet type. The terms that are hardest to read are the ones on bonus bets, because the bonus bet is not the cash the same way a deposit is the cash. A bonus bet whose stake is not paid back with a win is worth the bonus amount multiplied by the odds minus one divided by the odds, multiplied by the payout share of the market. A $50 bonus bet at 2.10 on a market with a 95% payout share is worth $50 multiplied by 1.10 divided by 2.10, multiplied by 0.95, or about $24.88 on average. The headline of the bonus is $50; the value of the bonus is about half of it.

The Limits on the Technique, Read Against New Zealand Conditions

A punter choosing to arbitrage in New Zealand reads the technique against three limits, and the third is the one the arithmetic tends to hide. The first is the size of the stake, which the study cited above pushes into the thousands before the return is meaningful, and which the bookmaker’s rule engine notices first. The second is the speed of execution, which the punter’s connection, the bookmaker’s app and the time between the two bets all have to support. The third is the life of the account, which a single restricted market or a single closed account can shorten dramatically. The New Zealand framework adds a fourth limit on top: the lawful bookmaker set is one operator group, and a punter who wants more than one needs to step outside the framework, and the moment they do the framework’s harm-minimisation tools stop reaching them.

The honest read is that arbitrage betting is a real technique with a real arithmetic, and a real cost in bookmaker goodwill and regulatory reach, and that the New Zealand framework makes the cost higher than it is in a market with several lawful bookmakers pricing the same event. The punter who chooses to run it is choosing the cost, and the rest of the page is the description of what the cost looks like.

What to Read on the Operator’s Own Pages Before Placing the Stake

A punter who decides to place a stake on an offshore brand reads the brand’s own terms, the licence the brand claims, and the deposit and withdrawal terms, because those are the pages that decide the punter’s stake and the punter’s payout. The licence page tells the punter which jurisdiction’s framework sits behind the brand. The terms page tells the punter what counts as a win, what counts as a void, and how the brand handles a non-runner. The deposit and withdrawal pages tell the punter how long a payout takes, what the minimum withdrawal is, and whether the brand charges a fee on the way out.

The pages a punter does not read first are the marketing pages. The marketing pages carry the bonus headline and the boosted-odds headline and the headline that says the brand is the “best” in some category, and the headline is the part the arithmetic checks last. A punter who reads the terms first reads the part that decides the stake, and the marketing pages can be read afterwards, with the arithmetic in hand.

The Closing Read

A New Zealand punter looking at arbitrage in 2026 is looking at a technique whose arithmetic is settled and whose New Zealand framework is not. The arithmetic gives a thin return on a large stake and demands fast execution and a long account life. The New Zealand framework gives one lawful operator group and several offshore brands whose licences do not reach New Zealand, and the choice between them is the choice between an account that has the New Zealand harm-minimisation framework behind it and an account that does not. The two choices are not the same choice dressed differently. The punter who picks the lawful pair gets the framework and the thin cross-brand spread; the punter who picks the offshore brands gets the wider menu and the loss of the framework. The punter who tries to run both picks the cost of both, and the cost is the part the marketing pages do not put on the front.

Frequently Asked Questions

Does sports arbitrage betting actually work?

The arithmetic does. The condition is that the sum of the implied probabilities of the outcomes, taken across the prices on each leg, is less than one. The 2012 Franck, Verbeek and Nuesch study found that 98% of opportunities return less than 1.2%, which means the technique lives on large sums. Bookmakers detect it quickly and restrict or close accounts that run it.

How do you set up an arbitrage bet in practice?

Open funded accounts at two or more bookmakers pricing the same event, find an event whose prices imply a sum less than one, place one bet on each outcome sized so the payout on any single win covers the total stake, and confirm both bets before the price moves. The execution window is short and the stake has to be large enough that the return is meaningful.

What does the technique cost the bettor?

The cost is the bookmaker’s margin, which is whatever is left of the unit after the payout share is taken. On a competitive two-way market priced at 1.95 and 1.95 the margin sits around 2.4%; on a quieter market at 1.90 and 1.90 it sits around 4.8%. A market whose implied probabilities add up to more than one is not an arb at all; it is a market whose margin is the customer’s take.

Which bookmaker may lawfully take sports and racing bets in New Zealand?

TAB NZ and its online sister brand Betcha are the only operators allowed to take online sports and racing bets in New Zealand since 28 June 2025, under section 74AAA of the Racing Industry Act 2020. The Department of Internal Affairs told providers serving New Zealand to withdraw with immediate effect, and there is no licence register for bookmakers because there is only one lawful operator.

How is the return on a bet worked out from the stake and the odds?

The return on a winning single bet is the stake multiplied by the decimal odds; the net profit is the stake multiplied by the odds minus one. A $10 bet at 1.90 returns $19, of which $9 is profit. For a combination bet the legs multiply into one price, and a $10 stake on three legs at 1.90, 1.95 and 2.10 returns $77.60, of which $67.60 is profit.

What is the bookmaker’s margin and how can it be seen in the odds?

The margin is what the bookmaker keeps of every unit bet on a market, and it is the difference between the sum of the implied probabilities of the outcomes and one. For a two-way market at decimal odds 1.90 and 1.90 the implied probabilities add up to about 1.053, so the margin is about 4.8%; for the same market at 1.95 and 1.95 the sum is about 1.025, so the margin sits around 2.4%. A market whose sum is less than one is an arbitrage opportunity; a market whose sum is exactly one is a fair market with no margin and no arb.

Written by the editors at Nzsolebookie.