The method for finding arbitrage opportunities entails looking for significantly differing odds on the same sporting event. If the odds differ greatly enough, there is a reasonable chance for arbitrage. A betting calculator will tell you how much opportunity is available. It helps to look at some real-world examples.
A Bonus Bet is a token of a dollar value that you are able to use to place bets with. The Bonus Bet is not reflective of your account balance, as it is a completely separate balance.