Penny Auctions Target Elderly and Disabled

Penny Auctions sites are unfairly targeting the most vulnerable in our society. Penny Auctions, although not classified as gambling, share many similarities. The addictive nature of landing the one chance to “win” an item at all costs leads many to overpay bigtime.

There are many penny sites out there (DealDash, BidFun, Madbid, Quibid, beesid, etc.) all with similar practices.

it’s been around for a while, but no one has really taken it on. there are a few videos online with “skepticism” explaining how to really “win” along with news reports that look like ads.
the idea is that you buy pennies for 60 cents a penny. you keep bidding on an item until you are the last person to bid (no time limit). If you win you pay the price plus all the bids you bought. Sometimes they have auctions where the winning bidder gets the item free of charge, which means bids can go on forever. What ends up happening is the site can get 15,000 to 30,000 dollars for an item worth 500 dollars. Every 100 dollars of bidding translates to about 6000 dollars in bids.

Stay away from penny auctions. Just like at the casino in the long run, most users will never win. Advertisements make it seem as if these are places that you can do your everyday shopping at. In the same vain as if you could work the slots at a casino for your income. If you are doing it for the thrill, go ahead. But please don’t go in thinking you’re jumping into some incredible deal. If it’s too good to be true, it is.

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