Just when you think there’s nothing new to innovate in the penny auction industry, a new website gets launched that changes the way you see everything. In this case the new website we’re talking about is called ShareTheSpoils. The concept behind this penny auction website is to give everyone a fair chance of winning something – by doing just as the name suggests – sharing the winnings. To be specific, instead of only one winner, there are actually three winners that share the prizes in an auction.
ShareTheSpoils was launched in the beginning of June, so it’s still a relatively new penny auction website. The way it works is that 50% of the auction pot is distributed among the last three bidders in the auction (including the winner).
Here’s a little more detailed breakdown. Each bid on ShareTheSpoils costs $1, and every time you place a bid when the timer is under 20 seconds left, resets it back to 20 seconds. The last person to place a bid before the timer runs out wins the product, and then 50% of the bidding pot is divided among the last three bidders.
So if 2000 bids were placed in the auction with each bid valued at $1 then the last three bidders get to divide $1000 (50% of the pot) among themselves. It makes perfect sense to us.
What it means is that you don’t have to worry about losing the auction anymore as you can still win something even if you’re not the last bidder.
It seems like a much easier way for people to at least win something and not leave the website empty handed (which leads to a number of complaints against penny auctions).
The only drawbacks for us to ShareTheSpoils is the fact that each bid costs $1 (seems pretty high), and then the timer gets 20 seconds added onto it, instead of the usual 10.
Other than that, ShareTheSpoils seems like a great site to use, and we’d definitely recommend it to anyone looking to get into penny auctions. It’s a great way for newbies to actually win something and make a profit… and what’s better than the opportunity to win cash – instead of just products.
If you do end up trying ShareTheSpoils please email us the experience you had with them so that we can post it up on our website.