Some bookies accept about 100 000 or even more, I suggest you to read this review of sportsbetting site at http://www.bettingwise.hit.bg/Betfairsports.html
It offers the best odds and this will give you better chance to find arbitrage.
About if its safe, not so much, but if you know how to do it...
those who say that this is complete scam are only beginners in betting industry.
There are several ways how to get money from betting, such as arbitrage what you mentioned, matched betting and horse racing.
Yes you can make 3-4 % every day. But it is very difficult.
1) You must be at computer a whole day to get the best prices.
2) You can't make 3-4% every day because you bet all amount of money which you have such one bookie and another. In someone you win and you must withdraw half of amount so this will be around week.
Maximum you can take is few thousands in most of casinos.
But - if you have a big bankroll like 1000 dollars than I think at least 100 dollars you can make!
if you have two bookies with different enough spreads i suppose its possible...but the juice typically 5-10% will usually suck any arbitrage possiblilities
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