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It is possible to profit at sports betting, although in general you will not get rich quick, lol. Sports arbitrage is one, but the return is very low, requires a large bankroll, and I have seen results that can dent a bankroll pretty badly.
There are systems that do work and will return a small profit year after year, one of them is using a computerized selection process combined with a data mining system for American Football. I have done this for years and it does work, my overall win margin is about 72% for over 10 years, fully documented online.
The system is free, there are no charges at all, and the picks are posted every week on my site and at several of my blogs during the regular season for both NFL and NCAAF for ATS and SU betting.
Here is a link to the results page for last year: http://www.football-free-picks.com/2008-football/2008-results.htm
I post the picks each week at CBS Sportsline where I am rated as SuperStar, Link: http://www.cbssports.com/mcc/authors/author/161021
For more information go to http://www.football-free-picks.com
Hope this helps, good luck!
Arbitrage betting, this is the only way when its sure win. You can find lots of info here http://www.betting-forum.com/viewtopic.php?f=46&t=607