Swoopo, a mugs game

Zirax · 02-01-2009, 19:15

I'd heard rumours of this site, Swoopo. It was about something like bidding for an item, ala ebay but it costs 75 cents to bid. Followed a link through el reg. To raise the profile of the site, throw away about 20-30k of gear at below cost price to get in the media and get punters interested.....

http://www.swoopo.com/auction/micros...mi/140756.html

Take this example I've spotted on the website. xbox 360 60gb.

$88 dollars
8800 cents

Each bid raises price by 15 cents
Each bid costs a punter 75 cents

8800/15 = 586 people bid

586 * 75 = 43950 cents = $439.5

Just sat and watched this for a bit to see what the game was. Its essentially like ebay sniping, but each bid adds 15 seconds from what I can see. They have an automated bidding thing that seems to bid for a set number of times.... net result is that it brings the auction back to 5 mins. When the counter hits 0, you win the item at the price. Lose and you get nothing.

This is one hell of a money spinner!! While I've been typing this its gone to $96.15, meaning total revenue stands at $480.75

Whoever had this idea is making a fortune!!! Mugs game though.

loki · 04-01-2009, 10:36

Just been watching some of the items on there. Unbelievable money spinner for sure. it must be like how them garish bid up programmes work on satellite and cable

MtE · 04-01-2009, 12:19

Madbid is another one, I signed up as you get 3 bids for free and thought what the hell...this is such a money maker for them, at first I thought how do they make money on letting items like a Nintendo Wii go for £3.64

Each bid placed increases the coat by 1p and resets the time on the 'auction'

Costs of bids are anywhere from £1.30 to £0.75 depending how many you buy, so the Wii made £364 less the actual cost of the Wii!!!!

Seems to be a great money making site.....Now to brush up on my PHP, MYSQL.....

MtE · 04-01-2009, 12:23

Quote:

Originally Posted by Zirax

Whoever had this idea is making a fortune!!! Mugs game though.

Whilst it does seem a mugs game - If you wanted the item bad enough then you 'should' be able to get it at less than market price....

They had a 'Auction' a while ago for a Mini One (£12,000 listed as the retail cost) it went for £6.83 which if you placed one bid and won is fantastic, but think about if yu really wanted that car - you could buy up a couple of thousand bids £1500 and I reckon you would be in with a very high percentage of winning it - still not guaranteed though!!

02-01-2009, 19:15	#1
Zirax Goes up to 11! Join Date: Jul 2006 Posts: 4,577	Swoopo, a mugs game I'd heard rumours of this site, Swoopo. It was about something like bidding for an item, ala ebay but it costs 75 cents to bid. Followed a link through el reg. To raise the profile of the site, throw away about 20-30k of gear at below cost price to get in the media and get punters interested..... http://www.swoopo.com/auction/micros...mi/140756.html Take this example I've spotted on the website. xbox 360 60gb. $88 dollars 8800 cents Each bid raises price by 15 cents Each bid costs a punter 75 cents 8800/15 = 586 people bid 586 * 75 = 43950 cents = $439.5 Just sat and watched this for a bit to see what the game was. Its essentially like ebay sniping, but each bid adds 15 seconds from what I can see. They have an automated bidding thing that seems to bid for a set number of times.... net result is that it brings the auction back to 5 mins. When the counter hits 0, you win the item at the price. Lose and you get nothing. This is one hell of a money spinner!! While I've been typing this its gone to $96.15, meaning total revenue stands at $480.75 Whoever had this idea is making a fortune!!! Mugs game though.

04-01-2009, 10:36	#2
loki Vodka Martini Join Date: Sep 2007 Location: Manchester UK Posts: 871	Just been watching some of the items on there. Unbelievable money spinner for sure. it must be like how them garish bid up programmes work on satellite and cable __________________ PC & Console LAN 9th-11th July

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04-01-2009, 12:19	#3
MtE Nice weak cup of Earl Grey Join Date: Sep 2007 Location: Here & there Posts: 23	Madbid is another one, I signed up as you get 3 bids for free and thought what the hell...this is such a money maker for them, at first I thought how do they make money on letting items like a Nintendo Wii go for £3.64 Each bid placed increases the coat by 1p and resets the time on the 'auction' Costs of bids are anywhere from £1.30 to £0.75 depending how many you buy, so the Wii made £364 less the actual cost of the Wii!!!! Seems to be a great money making site.....Now to brush up on my PHP, MYSQL.....