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Definitions

Arbitrage
Two or more sportsbooks offer different enough odds on the same market that both sides can be bet for a guaranteed profit.
Outlier
A single sportsbook offers a significantly different price and/or number from the market consensus. It is likely this line is off and can be bet into.
Split Market
The numbers and prices from two or more sportsbooks are very far apart from one another. Either one side or both can be bet profitably.
Low Hold
A market where the combined house edge across two or more books is 2% or less.