I have been playing with BetAngel for a while and now I'd like to give it a try developing my own bot.
Read this article this morning and motivated me even more. http://www.bloomberg.com/news/2014-06-01/for-world-cup-betting-flows-through-banker-turned-bookie.html
Don't get carried away by that article. Start small and see how far you can work your way up the ladder.
I've had dealings with Asian and other syndicates.
They are the sports betting equivalent of High-Frequency traders. And that's where you will fall down. You are in the wrong part of the world.
Although co-location is not possible with bookmakers, where your server sits does matter. For the Asian markets your betting server (or servers) needs to be ideally located in Asia so that latency is minimised for all bets. If you see an arb from here, well, by the time you pump your order in someone in Malaysia or wherever has already taken it.
There are also dark betting pools, just as there are dark markets in the financial world. So out there in Asia, sports betting is just like Wall Street.
However, if you want to be a part of it then you better pack a suitcase. Oh and start reading lots of financial books and get yourself up to quant developer level. It's not a case of some GCSE maths, a little Python and away you go. I am a quant developer and it's very hard, even with a computational finance background.