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Gambling Scam: How to Identify?

Author: Rode Arteaga
24 September 2019, 14:08
Votes: 1

For some people ‘gambling’ and ‘scam’ seem to some extent synonyms. The majority of scams are based on fuzzy mathematics. However, there are such examples that would be extremely hard to identify as scams at first glance. This article contains information about the most popular gambling scams, enabling you to save your time and money.

Gambling Scam: How to Identify?

Gambling system purchase

It is almost certain that the announcement ‘gambling system for sale’ is some sort of scam. Certainly, there are gambling systems that really work and bring profit, but its inventors don’t sell them. And the reason for it is pretty obvious – what for to sell, if the system brings money itself?

Nowadays there are undoubtedly more betting possibilities than it used to be. However, the gambling market has a limit. The main aim of gambling establishments is generating money. Therefore, when some players come up with a way how to beat them, the casino makes every effort to prevent them from winning.

It should be noted that a profitable gambling system, in case it has been used by a big number of players, will attract casinos’ attention, which will take action to stop it.

The only 100% way to have a gambling system that really works is to create it by yourself. Even if you bought a profitable one, gambling establishments will pretty soon identify it and take steps to stop it.

One more thing that should be paid attention to in case of using a gambling system: if it is based on a game with a house edge that is impossible to be overcome – it’s definitely a scam. Among those are baccarat, slots, roulette, and craps.

Read more: States with Zero Gambling Tax on Winnings (Part 1)

Martingale: working principle

A big number of scams in the gambling industry are connected with some variation of a so-called Martingale system of betting. In a nutshell, this principle is as follows: in case of losing the sum of bet is doubled for the next bet. The player needs to keep doubling it every time until they finally win. Therefore, the profit is inevitable. Or, at least, it should be like that.

Martingale: working principle

In fact, the Martingale system will be bringing you profit but only for a while. In case the player is extremely lucky, there can be several successive wins from the very start. However, in the end the number of lost bets (in a row) will reach such a huge sum that the whole bankroll disappears. Thus, the system is good only in the short term perspective.

One more drawback: it’s not always possible to double the bet each time since there are certain bet limits on different games in various casinos.

Thus the tip is – study the Martingale system very attentively before using it and do not let the fuzzy math showing a profit fool you.

Investments are usually fake

This can be applied not only to gambling. However, in the casino world, ‘investment’ means that somebody wants you to risk your financial resources instead of them.

Legal ways of investing in gambling include: investing funds in gaming products (like slots) in order to sell them to casinos or acquiring stocks in publicly-traded gambling establishments.

In most cases, when people come up with an investment opportunity – it is a scam. The only option here is to look for such an opportunity yourself, not wait until someone offers it to you. For instance, one can search for gambling equipment developers or buy a stake in some successful poker player’s action.

Self-investing is a great option too. In order to become an experienced gambler with a good income from the activity, it is necessary to invest in the time and energy to study the subject. It is not an easy thing to do, though.

Read more: Bonus Hunting: Is It a Fraud?

Never lend

Never lend

Asking for loans is a usual case in any type of gambling. However, if you decide to lend money to someone, the approach should be like in the case of an ordinary business transaction. This means, that at least the terms must be written down and signed by both parties. And even this step cannot guarantee the return of money. Moreover, it would be a good idea to ask for something valuable in return as a bail.

Tip number one is never to give loans to those gamblers whom you do not know very well. If you know to some extent, the maximum amount to lend should be 50 dollars. In this case, you will not be too much disappointed to lose. And only representatives of the small circle of truly reliable people can receive as much as they need.

Certainly, it is one’s own decision whether to give loans to other gamblers or not. But the only way not to lose your money forever is never to lend it.

As mentioned earlier, four fraudulent transactions with a total amount of approximately twenty-three thousand BTC were carried out last month.

Read more: How not to Lose Money when Gambling Online

Read more: Europe Faces Major Changes in the Matter of Gambling Policy in 2019

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