Monday, 22 October 2007

eBay Money Making Unveiled Part 2: Casino Scams

Here is another of my screenshots from eBay highlighting some cons:
Here, I'm highlighting "casino" scams. The ones in the picture here are fairly direct, but others will hide themselves away as offers to double your money in the first day, or make a continuous stream of income "without selling a thing".

The offers to double your money are fairly spurious. The way it works is that you open an account at an online casino who, as a special offer, match up to 100% of your deposit. Naturally, there is a catch :)

The catch here is that they won't let you withdraw the money until you have placed a certain number of bets - often in the region of $2500 worth of bets. And since they only match your deposit up to a certain amount, the "double your money" thing isn't really kosher.

But the sellers of such information still maintain that they have a system to beat the casinos. One of the most popular is this one (paraphrased):

"Go to a roulette wheel, and place the minimum bet of either black or red. If you win, claim back the money, and make another minimum bet. If you lose, double that bet, and keep doubling until you win."

This is normally accompanied by some statistical information to back up the claims. The idea is that by doubling your money each time, you not only recover your lost bets, but also make a small profit.

Problem is, it only works in theory. Not in practice. This is because tables have betting limits to prevent exactly these kind of systems.

Remember, with all casino-type games or gambling: the house always wins

Don't fall for these scams, guys.

Tomorrow, other "make money online" eBooks. The day after, buying a website business from eBay.

See you then!

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