Tickets

[doughnut]

Anyone out there understand lowest bid auctions? Seems that there are a few competitions running at the moment, but the one on sky.com is a low bid auction which doesn't make sense to me???

[whyalla]

How it works is, You bid the lowest unique amount that you think nobody else will bid. If you are the lowest unique bidder then you win.

i.e If everybody bids £1 and you bid £1.01, then you win because nobody else has bid that amount that hasn't been matched by others. If you bid your £1.01 and somebody else has bid that amount then the lowest unique bid above yours; say £1.02, wins.

[ledzeppelinrock]

they make thier money on this by the actual bidding, usually a text scheme whereby each text costs £1 or so and they get about 70% of that money, along with the final bid...

dou doubt u would get lots of people willing to spend £100 or so in texting, that rules out 1p - £1, as you need a unique low bid. so say every number is taken apart upto £150.99 and you bid £160.00 - you would have the lowest unique bid, even if someone bids higher than you say £1000, yours is the lowest unique bid

[doughnut]

Ah, it was the unique bit I hadn't worked out. Many thanks on that one. So it's very much guess work to start with. I'll give it a go and let you know what happens.

Cheers

[doughnut]

Okee doke. I had a go at the bidding thing on sky and it tells you whether yours is unique and if it's the lowest. I haven't gone as far as trying to get the lowest bid, but I now understand it. Shame there's no way of monitoring it

Seems to work though. Just got to get me those tickets now.

Thanks for the help.