The person qualified it — on a PA site, they said they wanted no competition but on YooBeeDoo they wanted to play more like a game of chess with strategy, and that meant more competition needed. Everyone gains their entertainment in different ways and pay-per-bid sites is one of those ways. Has anyone actually won and received their items on the penny auctions site? Before buying bunch of bids I will wait for someones feedback.
Pingback: Author. Very informative post. There are some honest penny auction sites; BidOink. The site is very similar to Quibids. Chose penny auction sites after quick analysis. You are commenting using your WordPress. You are commenting using your Google account.
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Home About Steve. Steve Bennett blogs …about maps, open data, Git, and other tech. Penny Auctions — a bit of analysis 24 Comments Posted by steveko on July 31, Share this: Twitter Email Reddit. Like this: Like Loading Uncategorized bidding , bidrivals , bidstick , expected value , gambling , game theory , penny auctions , swoopo.
Auctionscript February 24, at am Hello, Thanks for providing this nice post It is such a wonderful Information.
Penny Auction March 30, at am Auctions websites or penny auctions are based on the mechanism of the bidding system because of the competition. Ron Reynolds May 1, at pm Hi guys, Not all penny auctions are scams. I appreciate it. Penny Auction Reviews May 12, at am Solid post on penny auctions. Penny Auction Reviews May 12, at pm Thanks. Anshu Sharma January 6, at pm amazing post!! Natasha Nelson December 23, at am As with every bidding site, some bidders are much more aggressive and successful than others.
Leave a Reply Cancel reply Enter your comment here Fill in your details below or click an icon to log in:. Email required Address never made public. Name required. My Tweets. With penny auction websites everyone helps ramp up the price and, at some sites, as long as people keep bidding the auction never ends. If you win, how much you eventually pay depends on how many credits it took to place each bid, how many times you bid, and the eventual sale price.
We took a detailed look at the bidding history for Madbid's recent LG TV auction, which required four credits per bid. Madbid can make a lot more than the sale price on each item. But it often loses money too. Dr Mark Griffiths, professor of gambling studies at Nottingham Trent University, says bidding on these types of auctions is gambling: "Winning a penny auction is essentially chance-determined and does not depend on any discernible skill — a person can bid again and again with no certainty that they will ever win the product.
If there is no real skill in participating and it is essentially a chance activity, how is this not a form of gambling? The vast majority of people who bid on penny auction websites do not get anything for their money, except the hope of winning. But the UK's Gambling Commission has refused to acknowledge penny auction sites are gambling operations, something Madbid.
A spokesman says Madbid is an "interactive social auction website … that features a 'buy it now' option, refund policies and interactive elements, creating a fun shopping experience that requires skill and strategy to land bargains".
The "buy it now" option allows users to buy a product at a slight discount off the RRP. If it is a product users have bid on already, they can use their spent credits to further discount the price. The internet is awash with penny auction forums where fans debate strategy and share tips, but there are also threads such as " Penny Burn Out? One poster wrote: "I think bidding is taking up too much of my time.
I may have to add up all my costs vs wins and decide it [sic] this is really worth it. Search Advanced search…. New posts. Search forums. Log in. JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding. You are using an out of date browser.
It may not display this or other websites correctly. You should upgrade or use an alternative browser. Thread starter BQuicksilver Start date Sep 22, BQuicksilver Well-known member. Joined Aug 25, Messages Like quibids, etc. That said if you're the last bidder and you put only one bid in you received a great deal. It's a gamble. My question: Has anyone here actually won, or do you know someone for sure? I could see the sites just having fake computer bidders bots to assure you never win.
In that case it's a scam, not a gamble. Just curious if there is any experience here. Danglerb Well-known member.
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