Coinflipping Scam
word type: noun
- 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."
