Penny web auctions under scrutiny

now i agree here, its a gamble!

the idea of the penny auction is a good one from the promoters point.

lets say you have a 42" TV - costs you say £500. Even at £1 a bid, you only need 500 bids to break even.

If you get 2000 bids - you are £1500 up! awesome return id say!

but from the consumer point of view, its a question of saying "how many £1 bids can i afford to place, with no gaurantee of winning".

Its also open to fraud. the promotor just ensures that someone within the company wins, or a friend/relative. Only the promotor knows the "current winning figure".


I personally steer clear of these sites.