When asked to place recipical links with code like
<a href="http://www.bingorama.se">Bingo</a> to a site that is http://www.big-sites.net/submit.php
does this mean you are advertiseing bingo for them?
Link exchanges, or reciprocal links are an old method of trying to get your site to rank for terms. For example, the site you listed has "Bingo" as the anchor text to their site and they want to gain authority for that term by having links to them that say it.
This is against Google terms and is supposed to be done with a nofollow attribute or the sites can be penalized or even removed from Google index.
No, you are just posting a link with the anchor text.
It means the anchor text is "bingo." This is the keyword the site wants to rank well for in the search engines.
No other part of the link will show up on the page except for the word "bingo."
To answer your question, If simply posting the word bingo is an advertisement in your mind, then yes, you are advertising bingo.
The bigger question is, how does bingo relate to your site? If not at all, forget a link exchange. If it does relate to your site, put the link up. Just check to see that the other site does and maintains the favor for you.
Hint: Getting one way inbound links pointed to your site is much more relevant to the search engines than reciprocal linking.
Other people asked questions on similar topics, check out the answers they received:
Other people asked questions on various topics, and are still waiting for answer. Would be great if you can take a sec and answer them