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It is not a
cheat, rather a bug that has been fixed, but many bbs's still use the older
version of the game.  You know if you can use this or not by if you are given
an option to [T]ake four whacks along with [A]ttack and
[B]eg for Mercy.  The "Take 4" was added with the bug fix that keeps
this from working.

Anyway, here it is:

After you finish an arena fight, BEFORE YOU HEAL, go to Challenges and
just hit enter to go past the screen without fighting anyone.  Just doing
that adds a fight back to your remaining arena fights for the day, so if you
do that after every fight (you can do it once after every time you go into
the arena), you can theoretically end up with more fights than you started
with (when you say "take the money and let the guy go" you actually add a
fight instead of replacing the one you lost doing this).

I hope you're able to understand what I just said.  It should work as long as
you're not playing the newest revision of the game.