- Joined
- Feb 20, 2022
- Messages
- 14
- Reaction score
- 17
POGO = Philippine Online Gaming Operator.
So an explosion of websites and whatsapp/telegram groups have come on to the scene that usually offer incorrect score bets a model of bookmaking that makes no sense financially.
You bet on the wrong score so let's say I bet on 1-0 for any given match, as long as the game ends 0-0 or 1-1, 2-1 and not 1-0, I win. The odds of winning are much higher as they are quite open ended bets so the bookmaker would lose all the time. However, the way you bet is quite different than in a regular bookies. Instead of placing a bet for say, $10 and winning based on odds like 10-1, which means that if you win you win $100, you instead bet all of you accumulated winnings and initial deposit but win very small percentages between 1% and 10%. So if you bet on the score not being 3-3, the winning percentage will be about 1% but if you go for more likely scores like 1-0, you could win 10% on top of your bet.
If you lose, you lose it all, but if you win, you win small bits based on a percentage of your deposit.
How the hell this actually works I don't really know, I suspect some sort of ponzi scheme is going on, but I did try one of these platforms and was able to win $50 from a $50 deposit and I withdrew it to Binance - $100.
What the hell is going on?
I have some contacts in the Philippines who told me about life in the Philippines and that most of these operators are scams that lead to you never being able to withdraw or the website vanishes. Sometimes employees have no idea that they are being recruited into a scam, thinking it's just an office job at first. There are even cases of human trafficking where people are kidnapped and forced to operate the scams against their will! I have spoken to some people who are being forced to do this, they delete the messages after admitting it.
So an explosion of websites and whatsapp/telegram groups have come on to the scene that usually offer incorrect score bets a model of bookmaking that makes no sense financially.
You bet on the wrong score so let's say I bet on 1-0 for any given match, as long as the game ends 0-0 or 1-1, 2-1 and not 1-0, I win. The odds of winning are much higher as they are quite open ended bets so the bookmaker would lose all the time. However, the way you bet is quite different than in a regular bookies. Instead of placing a bet for say, $10 and winning based on odds like 10-1, which means that if you win you win $100, you instead bet all of you accumulated winnings and initial deposit but win very small percentages between 1% and 10%. So if you bet on the score not being 3-3, the winning percentage will be about 1% but if you go for more likely scores like 1-0, you could win 10% on top of your bet.
If you lose, you lose it all, but if you win, you win small bits based on a percentage of your deposit.
How the hell this actually works I don't really know, I suspect some sort of ponzi scheme is going on, but I did try one of these platforms and was able to win $50 from a $50 deposit and I withdrew it to Binance - $100.
What the hell is going on?
I have some contacts in the Philippines who told me about life in the Philippines and that most of these operators are scams that lead to you never being able to withdraw or the website vanishes. Sometimes employees have no idea that they are being recruited into a scam, thinking it's just an office job at first. There are even cases of human trafficking where people are kidnapped and forced to operate the scams against their will! I have spoken to some people who are being forced to do this, they delete the messages after admitting it.