Lowest unique bid auctions are in the same family as penny auctions, they’re a form of entertainment shopping. The majority of lowest unique bid sites that we’ve seen have been pay-per-guess much like the pay-per-bid of penny auctions.
How do Lowest Unique Bid Auctions Work?
Users guess a number/price or range that the winning amount is, whoever guesses the correct number wins the specified item.
Lowest unique bid auctions have been around a few years and have certainly sparked controversy. Italy even outlawed the game last year.
Loved by few, misunderstood by many, some lowest unique bid sites do actually send “signals” to bidders to let them know if they’re close to the lowest unique number. Winnit.com was one of the first LUB auctions to launch in the US and is still up and running, another is theSmartBid.com.
If you’re a fan of the lowest unique bid model, or new to it, you just may be interested in knowing that the popular Woot-like daily deal site Tanga.com offers free daily giveaways coined “Bottom Feeder Giveaways,” 24-hour giveaways where the winner has to have picked the lowest unique number.
Past Bottom Feeder items have included heated gravy boats, George Foreman grills, board games, Tanga cash and Tanga trash, magazine subscriptions, and mystery t-shirts.
“Pick 3 numbers. If one of your picked numbers is the lowest unique picked number, you win! We’ll even ship you the featured item, free of cost! Each contest ends every night at 7:00p.m. PST. You also get 1 Tanga point for picking numbers!”-Tanga.com
Have you tried Tanga’s Bottom Feeder game and won? What do you think of lowest unique bid penny auctions? Discuss this in our forum.
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Raja Devanathan October 16, 2011, 6:44 pm
If the users are given an opportunity to play the game with some strategy, then I think it is not a game of chance. I have recently released an iPhone app called Ziigster which is based on the lowest unique bid auction format. It does not have any penny auctions. The auctions are daily, only 1 product per day, they are low cost products, and bids are free.
My aim is provide equal opportunity shopping, and also reward loyalty. So if you share the item on Facebook, you will earn bids but at the same time you are promoting the item (i.e.: inviting competition). If you wait another day, and don’t bid you will accumulate your bids. There is definitely an element of strategy. You cannot buy any bids on Ziigster (otherwise it just comes down to who has the most money).
I would be interested in hearing your thoughts. I am quite surprised that Italy has banned such concepts (presumably because sites were charging for bids, as administration fees).
Amanda Lee October 17, 2011, 5:05 pm
Hey Raja! Welcome to Penny Auction Watch, definitely feel free to join us in the forum too. I look forward to learning more about your site soon!
Easy Penny Auction Bids October 17, 2011, 7:01 pm
I think Penny Auctions are still the best version of entertainment shopping, but what is really cool is being able to SELL at penny auctions!