Penny web auctions under scrutiny
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Frugaller
Frugaller Administrator
Penny web auctions under scrutiny
Online "penny auction" sites are similar to lotteries and should be regulated in the same way, according to a gambling expert.
Some of these are quite popular, so will be interesting to see what happens here.
http://news.bbc.co.uk/1/hi/business/7793054.stm
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Drooler
Top Ranked Frugaller - One of the Elite!
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.
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Frugaller
Frugaller Administrator
ENTER FRUGALLER FORUM COMPETITION NOW, BEFORE ALL NUMBERS ARE GONE!!!

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