Two prices, one answer: is there an arb, and how do you split it?
An arbitrage exists when two bookmakers disagree enough that backing both outcomes guarantees a profit. Add the implied probabilities: below 100% and the market has left money on the table.
In practice these windows are small, short-lived and heavily policed. Books limit accounts that only ever take arbs, prices move while you place the second leg, and a voided leg turns a guaranteed profit into a straight loss. Treat this calculator as a way to understand how margin works, not as a business plan.
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