I used to bet with bookies every week on football 40 years ago. It was fun. Small money for the entertainment.
I really like 3 team parlays for 5 to 1 odds. Most times, it's a losing bet but you got to have one or two a week. College is best for that. In the old days, I take teams like Nebraska, Michigan and say Alabama against dogs and give 4 TDs up on each game. 5 team parlays are impossible even at 10-1 but it was fun trying. You used to be able to get different spreads between bookies. One bookie would have a team and TD and another bookie would have the same team and 5 points. Bet it both ways with the different bookies and hope that it comes in at 6 and you win on both bets. I like to look at arbitrage bets like that. The 'rest of the Ram's season' bet in the Sports book offers a chance to arbitrage. I have bets from Rams finishing 1-5 to 4-2 with varying amounts and varying odds. Sharpens your whit. I like to win like everyone but I like the action of doing it more so. Really that is where wall street got their arbitrage beginnings. From the tracks.
My brother in Hawaii and I go to the horse and dog tracks on the rare occasion that we get together and he'll have 100 or so tickets prior to the first race. Of course, he studied the form all day. I still like to pick mine before each race but I usually have it mostly handicapped. Give me the dogs, quinellas, trifectas, and exactas. When I was in Guam, three nights a week for nearly 3 years. I had a great night if I made 40 bets and paid for my food and drinks and came back with an extra five in my pocket.