arbitrage betting, is it worth the effort or too risky?

Every time I look into arbitrage betting, it sounds way too clean to be real. Find mismatched odds, bet both sides, lock in profit. That just raises alarms for me. I get there’s math behind it, but actually putting it into practice seems like a pain. Bookmakers aren't dumb - they notice when accounts only grab these weird combos, right? Seems like a shortcut to getting your account limited or booted.

I always compare it to people who play only bonus-hunting promos in poker or sports betting. Yeah, it works for a bit, but then the site tags you. Also, tracking down odds and managing fast-moving lines isn’t easy - by the time you spot something, it can change in seconds. Am I missing a step, or is the real value in arbitrage just for people willing to risk their accounts and stress all day chasing tiny margins? Feels off to me, but I want to know if someone actually pulls this off long-term.