1- Cheating (hacking)
2- Arbitrage Betting (bookies consider this cheating as well)
3- EV betting (most bookies also consider this cheating)
No, you can't be lucky and stay profitable in the long term. So there is no "4". That might surprise some people. As you see you can't profit from gambling for a long time because that would kill the casinos.
If you take one-time earnings, then you can come up with the 4th option - one big bet on a huge odds: you win a lot of money and do not play anymore, thus remaining in the black.
By the way, what are the problems with the second and third paragraph? As long as there are different bookmakers and offline acceptance of bets (there is no KYC), they are quite feasible.
Arbitrage is most definitely not cheating, even if that's what the sportbooks call it and I've yet to ever see a case of this. Every bookmaker will add an "edge" or margin of error to their odds, which also boosts their profitability. Most are quite small, maybe one or five basis points, but this effectively closes any overlap between bookmakers. A lot of them also use the same backend feeds, a sort of white label solution, which will prevent much of this occurring. It might be possible on certain sports, like horse betting, where there are lots of variables and the odds are constantly moving around, but any bookmaker who misprices will lose a lot of money quickly.
to minimize nor get rid of those kind of circumstances because they do know that it would surely cost them and since its a business then it is some error which is needed for them to adjust
on which it would really be that normal that they would really be minding and its true that there might be some margins in between bookmakers but it would be barely profitable
if you do ask me and not really that much common.