Penny auction gambling
A penny auction site is a new type of online auction website Because of the similarities of this auction model to gambling, The IT Law Wiki is a FANDOM. A lawsuit against 5 big players in the penny auction industry was recently filed in The complaint alleges that penny auctions break gambling laws in all Some critics and happy customers alike say penny auctions are gambling. After all, you spend money with the hope of being the winning bidder at the end of the auction.
Lawsuit Filed Against 5 Big Penny Auctions Alleges Illegal Gambling
There is, however, a lot of room for unscrupulous website operators to take advantage of its visitors through shill bidding and bots. There is simply no other way to put it. But actually winning an auction for big-ticket items for pennies on the dollar on such sites as BidCactus , BidRivals , HappyBidDay , and QuiBids can take an extraordinary amount of effort and is hardly a given. Every auction represents potentially hundreds of bidders who paid money for an item but received nothing of value. As with the QuiBids ad, the site boasts of savings of as high as 95 percent without mentioning any potential for loss. Share Overview A penny auction site is a new type of online auction website where instead of just paying the winning bid for an item, each bidder also pays a fee to make a bid.
Penny Auction Scams
Consumer Tips Penny auction scams are rampant and insidious. Penny auction websites purport to offer consumer goods at steeply discounted prices. With prices that good many consumers ask me if penny auctions are a scam. If you are shopping rather than gambling then the answer is an unabashed and resounding yes. Penny auctions are a scam. There is simply no other way to put it. Read on if you disagree with my opinion. Reviews on Penny Auctions If you search for penny auction websites online you will see literally hundreds of websites with what look like positive reviews.
Most of the websites posting positive reviews about penny auctions are actually paid advertisements on websites owned, operated, or controlled by penny auction companies or one of their paid affiliates.
Those ads and fake reviews are typical marketing practices used by many online businesses and I consider the practice to be a scam. Unfortunately, those fake reviews are just the tip of penny auction scam iceberg. How Penny Auctions Work The penny auction scam works like this.
Consumers bid on the purchase price of the item while a clock counts down to zero. Once a new bid is placed, the clock resets to 20 seconds to allow more bids to occur. Since the clock resets, penny auctions typically go on for hours with 20 or fewer seconds showing on the clock. Eventually the clock expires giving one, and only one, consumer the right to buy the item for pennies on the dollar.
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Penny-auction websites are buzzing with all kinds of deals on electronics, appliances, gift cards, and many other items.
But actually winning an auction for big-ticket items for pennies on the dollar on such sites as BidCactus , BidRivals , HappyBidDay , and QuiBids can take an extraordinary amount of effort and is hardly a given. And for all those contented people who click their way to an amazing deal, countless others end up spending at lot of cash only to end up empty-handed. Take a tour through a penny auction in our interactive, right. If your device lacks Flash, check out a version of the interactive at the end of this article.
The penny-auction world feels a bit like the Wild West. Dozens of sites running penny auctions already have shut down. Check online message boards and you'll fine plenty of complaints and negative reviews from penny-auction customers who allege wrongdoing or simply express frustration over having spent a lot of money for nothing.
In August, the Federal Trade Commission issued an alert about penny auctions , saying, "Before you know it, you could spend far more than you intended, with no guarantee that you'll get anything in return. Some sites, such as Label Doll , MusiBids , and Outdoor Sportsman Auctions , focus on particular products, such as fashion, music-related products, and outdoor sports gear.
Singapore[ edit ] In , the Singapore parliament tabled the Remote Gambling Bill as a counter-measure against online gambling locally,   while parliamentary member Denise Phua spoke against legalised gambling in Singapore. Since then attitudes to gambling have changed and the law has failed to keep pace with rapid technological change.
Gambling is now a diverse, vibrant and innovative industry and a popular leisure activity enjoyed in many forms by millions of people. The law needs to reflect that. The Commission will have the power to prosecute any parties in breach of the guidelines set out by the bill and will be tasked with regulating any codes of practice they set forward.
The Bill set out its licensing objectives, which are as follows: Ensuring no link between gambling and crime or disorder Ensuring that gambling is conducted fairly and openly Protecting children and vulnerable adults from harm or exploitation The Bill also set out guidelines stating that gambling will be unlawful in the UK unless granted a licence, permit or registration. It outlined the penalty for being in breach of these guidelines, that being a maximum of six months in prison, a fine, or both for each offence.
Any person under 18 will not be allowed to gamble and it is an offence to invite or permit anyone under the age of 18 years to gamble. Gambling in the United States Legislation on online gambling in the United States was first drafted in the late s. Bob Goodlatte and Jon Kyl introduced bills to the Senate that would curb online gambling activities except for those that involved horse and dog races and state lotteries.
The United States Court of Appeals for the Fifth Circuit ruled  in November that the Federal Wire Act prohibits electronic transmission of information for sports betting across telecommunications lines but affirmed a lower court ruling  that the Wire Act "'in plain language' does not prohibit Internet gambling on a game of chance.