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Thread: Gambling scam

  1. #1
    Join Date
    Oct 2008
    Posts
    1

    Gambling scam

    I came across this site (money-123.info) offering a chance to make money from home with less than 1 hour work a day. Immediately it screamed SCAM but it was free to register so I thought I'd check it out. It turned out to be a gambling "technique" that I and I'm sure many others had thought up themselves.

    The idea is that you pick a game with almost 50/50 odds, like betting on red or black in European roulette and you double your bet every time you loose so that when you eventually win you get back all your losses plus double your initial bet. Then you start betting again with the initial bet.

    It sounds good in theory because in all probability you will eventually win one in 10 or 20 games BUT what they don't tell you is that there are some BIG problems with this approach.

    Firstly, even with a tiny initial bet, the risk increases dramatically with each loss. I have personally seen a roulette table roll a black number 18 times in a row. It may be an unlikely occurrence but it can happen, now lets look at what this means to a person with an initial bet of $1 and a game plan to always bet on red until they win (as recommended on the site):

    $1
    $2
    $4
    $8
    $16
    $32
    $64
    $128
    $256
    $512
    $1,024
    $2,048
    $4,096
    $8,192
    $16,384
    $32,768
    $65,536
    $131,072

    By the 18th game your current bet is $131,072 and you are risking $262,143 (the total sum of your previous losses) to win $262,144, That's a net gain of just $1! Even by the 10th game you are already risking over a grand for a $1 prize. Now some people might argue that the chances of loosing this many games in a row are so low that it is worth the risk but consider this:

    How much money do you have? If you loose enough games in a row you'll simply run out of cash to bet AND if you do have the cash and are stupid enough to try this technique, remember that many (most?) casinos have a maximum bet policy which will also limit how many games you can play.

    So don't bother people, it's just not worth it!

    Some of you might be thinking that this is not really a scam because the site offered this information for free and it's up to you to decide if you want to use it. I disagree because this site is promoting this as a "you've got nothing to loose" technique without explaining the risks. They then ask for a donation if the reader is successful with the advise. Sure you are not forced to donate but what this site is doing is encouraging others to gamble without explaining the risks and then (because many people will probably win something in the short term) are profiting from it at no risk to themselves. SCAM!
    Last edited by Buff; 10-18-2008 at 09:58 PM.

  2. #2
    Join Date
    May 2018
    Posts
    225

    Re: Gambling scam

    Scam and gambling always stand together and that's why this area is regulated by governments so much. Here is another step made - instituteforphilanthropy.org.uk and I am not surprised that it is happening.

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