madbid

musashi10

Hi,

I had a look at this site and it seems too good to be true.

Has anyone ever used it?

What's the catch?

Do you actually recieve the goods?

diable

musashi10 wrote: »

Hi,

I had a look at this site and it seems too good to be true.

Has anyone ever used it?

What's the catch?

Do you actually recieve the goods?

You mean like the Ipad for £48.58p?

musashi10

I just had a look and an audi is going for £300 at the moment lol

Seems a bit too good to be true

diable

If its too good to be true then it most probably is.....

ultramagnetic_commuter

You pay to submit bids (e.g. 30 bids cost a tenner), unlike ebay where you don't pay if you don't win. It's pretty transparent on the How it Works page.

johno69

You purchase the bids, then every bid you make takes the total up by 1p....There was an example of a £200 voucher selling for a small amount, but by the time the 1p bets had been taken into consideration Madbid had made nearly £1200 or thereabouts...

I believe the goverment are looking at the site as they believe it should be classed as a gambling site...??

Tulip09

I have got 99bids to use on that site and have watched it for quite a while, and still cant work out how they decide who has won the item. It seems the timer gets to zero so someone should win but it then takes a few seconds and starts the clock again? Late at night they halt bidding in the middle of it and tell you to come back tomorrow morning to continue. I watched it for about 5 hours the other day and not one item was won in that time. Bidding goes up by 1p increments which people have bought for more than that cost initially so the way i was working it is a win of £30 is actually 3000 different bids. I think you buy 100 bids for about £25 -£30 so they are making a hell of alot of money and the chances of winning are prett slim.

geordie_joe

musashi10 wrote: »

I just had a look and an audi is going for £300 at the moment lol

Seems a bit too good to be true

If you go to the auction, and watch it for a while, you will see that someone bids on it every few seconds. But they only bid 1p higher than the last bid.

The counter goes from around 30 seconds down to below 10 seconds, then another penny bid is added and the counter goes back up to nearly 30 seconds and starts counting down again. Before it reaches zero someone bids another penny.

n4tnf, has bid against himself so many time I lost count!

Edit: Forgot to say, the bidding is so regular it must be a scrip doing it, not real people.

If you look at the "MADBID IN THE PRESS" section The Times says "
Sandeep Anantharaman, a 26-year-old Watford engineer, picked up a brand new Mini One car, worth £12,135 for £6.83 on MadBid.com.


The same site claims that the average profit of its top five winners is more than £20,000."

So who is selling these items at an average of below £20,000 of there worth?

I think we are supposed to think of the profit we'll make and NOT think about who is making the lose.

davester

Well going by the 30 bids for £10 thats 33p per bid.

lets take the macbook air £35.48 it costs 3 bids to up the price 1 pence. So 3548pence *3bids *33p per bid = 351252 pence (£3512.52) total income from the bid. Item RRP £1349 making Mad bid a £2163.52 Profit before they even sold the item for £35.48.

OldGreyFox

It pays to search mushashi10 heres a few of the more recent posts about Madbid

See:https://forums.moneysavingexpert.com/discussion/2597003

And:https://forums.moneysavingexpert.com/discussion/2690115

Also: https://forums.moneysavingexpert.com/discussion/comment/35558985#Comment_35558985

IronWolf

You'll never win anything good, there are a few people that do it for a living and have a reputation for never giving up. Once you have the reputation people will just give up as soon as they see your name and thats when you can buy things for cheap.