Is this a good site?

angelcake

vultura wrote:

Yes, angelcake.

In effect you are purchasing a chance to win, not to purchase the item as would be the case in a normal auction.

Then this shouldn't be on a money saving website!! or at least in the competition forum!

Master_Of_Disaster

Has anyone seen the car auction on this site....i think that looks like a good deal.

£5 bid and the chance to win a £20000 car. Granted it is a bit like a raffle but the odds seem good for this value of item.

carcuscrae

Anyone tried this site yet then?

louise1234_2

Looking at some figures. 450 £1 bids means £450 for a £130 ipod!

They must be raking it in!

carcuscrae

Its actually a £170 mini ipod....and looking at there payment methods I reckon Paypal will be raking it in as well!!

stavros_2

carcuscrae wrote:

Personally I think its worth the odd £1 to have a go, not sure about the higher cost auctions but there again the odds of having the lowest bid is better on those. For example the Laptop, No 13, you have a 1 in 5000 on the £1 bid, a 1 in 850 in the £5 bid, 1 in 425 in the £10 and 1 in 150 on the £25.

Firstly I'd like to agree with the other posts on here that this is gambling and not really an auction. You are basically placing a bet on what you hope is the lowest number no-one else has gone for.

If you honestly think this is a good idea then the bookies will love you. Many gamblers will tell you the best method to placing a bet is not necessarily to go for the outcome you expect but the outcome that you think has a better chance than the bookie suggests. It all basically comes down to whether you think it is good or bad value, e.g. if odds are 10/1 but you think there's a 20% chance of the outcome occuring then this is a good value bet. Now if we take a look at the laptop "auction" that you have suggested we can see that the best odds are 150/1 on a £25 bid. Now for this to represent good value the laptop would have to be worth over £3750! Even if we assume only half the tickets are sold then it would still have to be worth £1875 (the 17" powerbook is £1590 if you know someone in higher education for example). If we look at the car "auction" that someone else suggested then you can apply the same logic as before and see this is again bad value as it would have to be worth over £50k.

I suggest you pay the bookies a visit as I'm sure they will welcome you with open arms!

If you seriously want to make money from gambling I suggest you consider online casinos (pm me for any help)