Casino

Penny Auction Websites: An Online Lottery

What exactly is a penny auction? This means you can place bids on items in increments of 1 cent that are easily within any budget. So it’s not surprising that Quibids and Beezid, as well as other similar companies, have amassed massive amounts of buyers within a very short period of time. The most important reason behind this current flurry of activity is that if you succeed by putting in a penny and you win, you’ll be saving around 90% on products that are sold at retail, like Apple iPads starting at 20 dollars (retail is $500 or more), Samsung LED 55″ 3D flatscreen TVs at $60 (retail is $2000) and so on…

While it may seem too amazing in reality, it’s extremely real. Bidding websites actually generate more cash than they invest in new products. It is because users have to purchase rights to bidding on Quibids. A package of 100 bids costs $60. That’s 60 cents for each bid. Therefore, if you put in one bid and were awarded the iPad for $20, you’ll pay $20.60 for the item.

No big deal right? Let’s take a look. The first thing to note is that, unlike eBay the auction websites don’t have a specific closing time for auctions. each time an item gets auctioned, the it is added onto the timer. The auction will end when no one has placed a bid for, the time period of say, 10 seconds. This basically means that everyone has the same chance of winning the item. Let’s look at the instance of an iPad that sold for $20. Beginning the auction at zero and taking an average of 2,000 one cent bids to achieve that. If you only bid once the chance of winning the auction is essentially one out of 2. You have the chance to increase your odds by bidding multiple times. 100 bids gives you one chance in 20. However, you’ll have spent $60 and $20, with the chance of 5% to win the item. In the meantime, the website will earn an amount of 2,000 times 60c for the item, no regardless of what, which is $1,200! Because the item is just $500, and the winner of the auction will have to pay the remaining $20 on it, the site will earn a staggering 144 percent profits! This is true for every item every day, with the bare infrastructure of running an online company.

It’s actually a puzzle how these methods are legal, as if you add the whole thing up, they are, are internet-based lotteries. They are betting on your chances depend on how much you invest. It is essential for “customers” to realize that the amount of money paid for the item they bet on is not a representation of anything. It is just an opportunity to draw in many more people, and to lead them to believe they are getting a good bargain. In reality, it is possible to overlook the legitimacy or pasang togel online value of an “auction” and just think of it as a lotto with each ticket priced at just 60 cents. In the final analysis, you could be lucky, walk away or fall into the loop and continue to play the chances. Similar to casinos, you’ll lose more than you’re winning. My suggestion: Try it at least once and then visit your store at retail and pay the face amount…

If you’re seeking more reliable methods to save or earn “free money” on the web, you might want to look at other options, such as paid surveys. It’s a ideal option to work at home from your own home and earn cash by being paid online.