Advantage gambling, or advantage play, refers to legal methods, in contrast to cheating in casinos, used to gain an advantage while gambling. The term usually refers to house-banked games, but can also refer to games played against other players, such as poker. Someone who practices advantage gambling is often referred to as an advantage player, or AP.
Arbitrage betting
Arbitrage Betting, miraclebets, surebets, sports arbitraging is a particular case of arbitrage arising on betting markets due to either bookmakers’ different opinions on event outcomes or plain errors. When conditions allow, by placing one bet per each outcome with different betting companies, the bettor can make a profit regardless of the outcome. Mathematically arbitrage occurs when there are a set of odds, which represent all mutually exclusive outcomes that cover all state space possibilities (i.e. all outcomes) of an event, whose implied probabilities add up to less than 1. In the bettors’ slang an arbitrage is often referred to as an arb; people who use arbitrage are called arbers.