Over the last few years, there has been more and more talk of unique bid auctions. The reality is that they have hit the press for one simple reason; they save people huge amounts of cash. If you are already involved with unique bid auctions, then you will know that there is a great opportunity here to save over 90% on top quality items on a regular basis.
Here is the thing; a lot of people think this is gambling. Why? Not everyone that gets involved with these auction sites will actually be successful. Some people will end up wasting a lot of money. For those people, they might look at these auction websites in a negative way and consider that this is actually a form of gambling.
How is this not a form of gambling?
By current UK law, this is not considered a form of gambling. There is a strategy involved when it comes to bidding and winning. A lot of people have the get rich quick mentality. They see this as an opportunity to save money instantly. They buy bid packs and they waste them within a matter of seconds. They don't select the right auctions and they don't do enough research which would allow them to make an educated decision.
What is the strategy to win?
There is no set strategy that will guarantee an individual to win. Like anything in life, preparation is really the key. The more preparation that you do, the more likely it is that you will be successful in the long run!
You need to consider a range of factors that help people to win auctions. For example, checking historical bids will help you to determine which bid amounts don't win on a regular basis and which ones do you. You might find that 7/10 times, the odd number bids win, rather than the even ones. You might find that 6/10 times the bids over 1.00 win, in comparison to just 4/10 times where the bids at 0.99 and less win the auction. By logging all of this information you can start to create a strategy that is not guaranteed, but it will limit your chances of wasting money and increase your chances of being successful in the long run!
How do you budget for these auctions?
Just like the strategy, you need to create a way that allows you to limit your spend. By using all the factors mentioned above, you can create a budget. Obviously each auction will be different from the last. One auction might be twice the price of another when it comes to making a bid. For this reason, you might want to extend your budget slightly which will give you a better chance of winning that particular auction.
Essentially, just take your time. There is a certain skill and strategy involved with being successful. If you don't take time and focus on making the most out of each opportunity, then you are going to end up wasting a lot of cash, like many others that wrongly assume this is gambling.
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Unique bid auction sites such as BidGrid are growing rapidly as more and more shoppers are attracted by the huge savings on offer and the high octane environment of the live bidding https://www.bidgrid.co.uk/en/how_it_works.html
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