Oasis sparked a frenzy of speculation after Liam Gallagher posted a series of tweets that spelled out the word Oasis.
The one-letter tweets ended with a final tweet from Liam which read "Oasis LG".
However when NME magazine asked the band’s bassist Paul 'Bonehead' Arthurs what the tweets meant he said: "Probably the fact I texted him going, 'Meet me in the beer garden'. That probably rattled his cage. Maybe that."
Paul himself had also tweeted a series of one-letter tweets which spelled the word pub.
The tweets led their millions of fans to surmise that the band, who split in 2009, were reforming.
Betting agents had to suspend further bets on the band headlining the upcoming Glastonbury festival.