3 way arbitrage is a strategy that involves finding discrepancies in the odds offered by three different sportsbooks for a particular event, allowing you to place bets on all possible outcomes and guarantee a profit. The formula for calculating the potential profit is as follows:
((1 / Bookie A odds) + (1 / Bookie B odds) + (1 / Bookie C odds)) x 100
If the result of this calculation is less than 100, it means that there is an opportunity for 3 way arbitrage.