The Thrill of the Penny Auction
The latest craze to take the internet by storm are the penny auctions. These sites bring all the fun of the fair into the living room; they are exciting, fun and dynamic, providing hours of entertainment for auction fans everywhere.
Why are they so popular?
Fun and excitement are the main reasons that people visit the sites. However, there is much more to experience. If you win the auction, you will receive the item that you wanted – which is usually an iPad2, an MP4 player, laptop, or gift vouchers. Not only will you get these items, but you will get them at incredible prices, with most auctions going at 97% less than the RRP (and yes, they are all new items!). Then there is the social side of the site: chat forums, live chat, and online games.
How do win?
This is not a question of how the games work, if you need to know this, you need to read one of our other articles explaining the ins and outs of the game. Rather, it is about finding the winning strategy.
You will notice that it is often the same bidders that win the auctions. The same players do not appear because the game is fixed – which is the impression some people get – but is because they are employing winning strategies.
Winning Strategies
1. Buy the larger bid packages – these offer much better value for money and you will be more likely to win the more bids you place. Imagine you buy a £5 package and receive 10 bids, you win the item but you placed all 10 bids – it cost you £5 to win. However, imagine you bought a £50 bid package which gives you 150 bids – you win the item after placing 10 bids – this time it cost you around £3.30 to win, and you still have 140 bids left. If you know you are going to return to the site, and that you will be a regular bidder, it is much more efficient to purchase large bid packages.
2. Play during off peak times. The fewer the number of competitors, the better your chances.
3. Use auto bidding at the end of an auction. This will scare of potential competitors who will be afraid to go after you in case you have a lot of bids at your disposal.
If you are interested in playing at a penny auction, then visit http://www.bidvid.com/, where you will have hours of fun.
