Betting on water is a risky endeavor. Experts on water in Arizona say that while it’s easy to start speculating on water, cashing out is not. Would-be profiteers have to buy water or land with rights to it. They have to work within the thicket of laws and regulations governing water in Arizona and contend with the fraught politics of Western water. The ability to store water underground has also given rise to a market-like system in Arizona in which people talk about diverse portfolios and asset acquisitions.