info1776’s Comments

• Mar 2nd, 2012 @ 9:15am

  penny auction is not gambling

  on Are Online Penny Auctions Actually Gambling?
  I was told penny auction sites were like gambling because if you don't win you bids are "lost", at first i agreed then after a thought, they are only lost if you never bid again.
  However you bid again and win no they are not lost because you won on your next item and your still not paying full retail price.
  let me explain:
  Think of it this way,
  you have ten people, each put in $1 for an item worth $10
  person 1 gets the item pays 1 dollar, persons 2-10 are out $1 (but are they)
  
  All ten bid again but person 2 gets the item for $1, person 1 and 3-10 are out $1
  
  again all ten bid again person 3 wins person 1,2 and 4-10 are out.
  
  again all 10 bid again person 4 wins......
  
  all 10 bid again person 10 wins and pays $1 dollar persons 1-9 are out $1
  
  but wait look at the whole picture everyone paid $10 for a $10 item
  
  NOW GAMBLING
  Same 10 people put in $1 each into a "pot" but a random chance someone will "win" an amount not equal to the total "value of the pot" now matter how many times the games is played
  
  
  to sum it up
  -gambling people loose more then they get,
  -penny auctions you get a good deal, but its more "everyone helps pay, they help you buy when you win and when you loose you help them buy, its a win win for everyone.
  
  
  The good. you can really save money if you watch your bids and bid only on things you want.
  
  The bad if your not careful with bidding you could end up paying by per bid cost more the what the item is worth.
  
  o and the timer, counting down or adding time to the end of the bid that's the DIGITAL auctioneer saying going once going twice......