Probably my questions are too obvious:
Am I right to assume that all arbs are just value bets on one shoulder with insurance paid for on the other? With perhaps a rare exception when there is value on both shoulders. Am I overlooking any other exceptions?
If the above is true and we are able to tolerate any variance, would it always be suboptimal to pay the insurance? Or might there be situations where it is warranted, such as perhaps in smaller leagues where there may be some shadiness?
Any info on the above is much appreciated.
Arbs = Value bets
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