Coinflipping Scam

word type: noun

  1. This scam involves a proposition bet in which someone offers extraordinary odds on the flip of a coin, otherwise a 50/50 proposition. The underlying principle here is that if you are presented with a wager that seems like it is too good to be true, it probably is a hustle.

How it Works

Variations of the scam have been reported in Vegas for decades. The person offering the wager usually presents himself as a wealthy fool who simply likes to gamble. In fact, he has trained himself to predict or manipulate the outcome of the coin-toss in a way that gives him a large edge despite the odds he is offering.

What it Isn't

"Crop betting."