In part I AdSense Arbitrage: Tips, Tricks & Secrets we went over the basics of how AdSense 
arbitrage works. In this part we’re going to roll up our sleeves and look at some actual keywords and see if we can find some areas where we might like to try some arbitrage.
While high paying keyword lists may be somewhat useful it’s important to understand how those lists are generated and some of their limitations (see Contextual Advertising with AdSense | High-Paying Keywords, Part 2 (series) for a more in depth discussion). I like to start with the Overture bid tool, and if things look OK then go into Google Adwords tool. It’s been my experience that with the AdWords keyword tool there is quite often a substantial difference between what they estimate I will pay and what I actually end up paying for a keyword. AdSense Arbitrage: Keyword Selection