Are Online Penny Auctions Actually Gambling?
TechDirt Dec 30 08A few weeks back, we wrote about a site that seemed to have modified the old "dollar auction" concept and created a borderline evil business plan that would get plenty of people to pay money to "bid" on way underpriced goods. People keep bidding, because the costs seem so low -- but since everyone has to pay to bid, the companies ends up making a ton of money -- often many times the actual cost of the product. Basically, the company and whoever "wins" the auction are likely to make out okay -- while every other bidder loses. Apparently, there are a number of such sites doing similar models, and the UK government is noticing that it's pretty similar to gambling and probably should be regulated as a gambling site. Full story...
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