Arbitration is an informal trial held before a neutral court official called an arbitrator. An arbitration hearing is an informal legal proceeding held before a neutral court official called an arbitrator.Rental arbitrage is a business model where an individual or entity rents a property longterm and then rerents or sublets that property on a shortterm basis. Rental Arbitrage is a method similar to house hacking. But unlike house hacking in Rental Arbitrage, you don't own the house. (2) "Arbitrator" means an individual appointed to render an award, alone or with others, in a controversy that is subject to an agreement to arbitrate. Covered interest arbitrage is a currency investment strategy that includes using a forward contract to hedge against exchange rate risk. An arbitrage in sports betting is when a bettor makes multiple bets on the same event to guarantee a profit no matter the result.