Seen from both sides, "clv betting strategy" leads to one event. Hedging and arbitrage both mean betting on more than one side of the same event. A hedge does it after a first bet is already placed, to lock in part of a win or cut a loss. Arbitrage does it at the start, across different books whose prices disagree, so that every outcome returns a little more than the total stake. What they share is the arithmetic of splitting stakes between opposite results.
How to find arbitrage betting opportunities is mostly a matter of speed. Prices differ between books for minutes at a time, often after news, and the gap is usually one or two percent. Arbitrage betting risks are real despite the promise of a sure thing: a price can move before the second bet is placed, a bet can be voided for a palpable error, and settlement rules can differ from book to book.
How much to hedge a bet depends on the aim. To guarantee the same return on both sides, divide the first ticket's potential return by the decimal odds of the opposite side, and stake that. To only cover the first stake, bet less. Should I hedge my bet is a question about risk: every hedge pays the book's margin a second time, so a hedge bet strategy used on every ticket slowly costs real money.
Two books can settle the same event differently, for example on retirements or overtime, which can leave one side of an arbitrage unpaid.
Yes. Each hedge pays the book's margin a second time, so a habit of hedging every ticket slowly eats into the overall return.
Prices can move in the moments between two bets, and a changed price can turn a planned arbitrage into an ordinary bet with a loss.
The budget is divided in proportion to the inverse of each best price, so every possible outcome returns about the same total.