Penny Auction sites have been popping up all over the place like dandelions in a grass field. The fact is, people simply love them. People are willing to devote hours to these sites, bidding and on a wide array of items, most of which they probably don’t need all that much. Why? Because it’s fun. Read more.
Penny auctions have also been termed addictive, it seems the word fun and addicting have become synonymous. It’s never a guarantee that you will get the item you are bidding for, but people love to bid anyway. The phenomena around Penny auctions is similar to the appeal of Ebay, there’s something about auctioning stuff online that attracts people in droves. Like Ebay, people can actually get caught up in penny auction sites and play them religiously.
Frankly, the excitement and the appeal is lost on me. I’d be pissed off if I spent half an hour bidding spending money bidding on an item and came up empty handed. But that’s me. The money maker in penny auction sites is that people aren’t actually spending pennies. They’re spending much more than that for each penny, and though the items seem to go for a fraction of the market value, the sites are raking in the dough.
When you really look at penny auction sites, you’d be hard pressed to not consider it a form of online gambling. Money is being spent in return for a prize that you may or may not win, yet you will be entertained along the way, sounds a lot like playing the slots. Or is that just me too? Isn’t it a little odd that these sites are completely unregulated? You can open up a penny auction site but everybody is up in arms when people want to play a little poker online? It’s one of those things that defies logic.