Penny auction website: online lottery

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What is a pen auction? Well, that means you can bid items with a 1-cent clear increase in anyone’s budget. No wonder Quibids, Beezid, and Likes, have collected the number of customers in a short period of time. The main reason for this uprising is probably if you win with Penny offers you, you will save around 90% on new retail items such as the Apple iPad for $ 20 (retail is $ 500 and higher), Samsung LED 55 “Flatscreen 3D TV. For $ 60 (retail is $ 2,000), etc …

Even though it seems too good to be true, it’s very real. The bidding site actually brings more money than they spend on new items. This is because customers have to buy the right to bid, in Quibids, the 100 bid package is worth $ 60, which is 60 cents per bid. So, if you do one offer and win the iPad at $ 20, you will actually spend $ 20.60 on the item.

No big deal right? Let’s crunch the number. First, let’s note that unlike ebay, these sites don’t have a definite end time at auction, every time an item bid, time is added to the hour. The auction ended when no one posted an offer to say, 10 seconds. It basically means that everyone has the same opportunity to win the item. On that note, let’s take an example of the iPad that lasts for $ 20. Starting auction at $ 0, it takes a total of 2,000 offers 1 cent to get there. If you bid once, the probability to win this auction is basically 1 of 2,000. Of course, you can increase your chances of bidding several times, 100 offers take you to 1 chance of 20 but you will then spend $ 60 + $ 20 with a 5% chance to get items. Meanwhile, the website will receive 2,000 times 60 cents Bandar Judi Bola  for any item, which is $ 1,200! Because the item costs only $ 500 and the auction winner still has to spend $ 20 a late bid on it, the website will make a shocking 144% profit! This is true on each item, every day, with minimal infrastructure that comes with an online business.

This is actually a mystery why such a method is legal because if you conclude it, everything, is a lottery online. Bid is a bet and your chances depend on the money you spend. It is important for “customers” to realize that the value of the dollar from an item that bet does not represent anything, it’s just a trick to attract more people and lead them to think that they will get a lot of people. In fact, you can forget the status of “auction” and only consider it a lottery that every ticket is worth 60 cents. In the end, you can be lucky, walk away, or get stuck in the loop and continue to play opportunities. Very similar in the casino, you will then lose more than what you are superior. My advice: Try it once or twice, then go to your retail store and pay the value …