77th way

Example of a pure arbitrage opportunity: For a while buying traffic via Google Adwords and sending that traffic to pages of little content and Google Adsense ads generated reasonable profits when done astutely. Sure, Adwords and Adsense are two sites of the same coin. But I did say you needed to be astute to recognise where the opportunities were and you need to test, test, test. There are still lots of contexual arbitrage opportunities about. Especially when you work across programs (e.g., buy traffic from MSN, sell to Yahoo).