as you said bonus hunting has the risk of losing all funds to reach the wagering requirements and for arbitrage betting has the risk of account being banned from any sportbook as was the case with some people in the past.
Not only bonus hunting, but all forms of activities that risk money in the gambling industry carry the risk of losing money and of course every gambler who bets has understood and can accept the risk of losing money.
But there are not a few gamblers who cannot accept defeat and then chase victory to return the loss.
Arbitrage Betting has become a ban in most of the casinos so one has to avoid such way of betting to stay out of trouble.
But it needs to be underlined that there are many gamblers who continue to make arbitrage bets secretly and they do everything so that the casino team doesn't know about them.
Yes apart from these arbitrage betting if you try to use arbitrage betting on bets with more than two outcomes, things can get very complicated. In most cases, it is not possible to arbitrate more than two outcomes so if you are not an expert, you should not try to arbitrage bets with high results. By not being open to betting on both the back and sides of a game's outcome and betting on different bookmakers online the arbor is virtually undetectable.
Yes, arbitrage betting is usually done by experienced gamblers and the purpose of arbitrage betting is to increase the chances of winning or reduce the amount of loss if you lose because arbitrage betting has betting options that can be more than three bets.
However, it is true that if you do not have sufficient experience and knowledge about arbitrage betting, it will only lead to defeat.
But in my opinion it is better to stay away from arbitrage betting because apart from being banned by some casinos, this type of bet is also very risky.