WHAT IS A REVERSE AUCTION AND HOW DOES IT WORK?
Dig deep and get ready to place your bids every day during Awesome Auction Week! We have an exciting prize on offer each day with 5 awesome prizes to give away throughout the week, plus a bonus prize where you could
win the Awesome Angels for an afternoon!
Make sure you place your bids to be in with a chance. It’s a mix of skill and luck as you choose what you think could be the lowest unique bid per prize.
The lowest unique bid is both
a) The lowest value bid for that prize and;
b) The only person to have bid that value
For example, if you bid £0.03 and 3 other people have bid that number, it’s not unique. Similarly, if you bid £0.03 and no-one else has bid, and no-one has bid any lower with £0.01 or £0.02, you win the prize!
HOW MUCH DOES IT COST TO PLACE A BID?
You are charged for each bid you make, plus (if you are the winner) the value of your unique bid. In this instance we are charging £2.00 per bid. If you then make a unique bid of £0.09, you will be charged £2.00 for the cost of your bid and then if you are the winner you will be charged £0.09 for the value if the bid. An example of bid submission and what constitutes the lowest unique bid is below:
Bid 1: £1.23
Bid 2: £0.60
Bid 3: £0.01 not a winner - this may be the lowest value but it's not unique as bid 5 is the same value
Bid 4: £0.24
Bid 5: £0.01
Bid 6: £0.07 winner as this is the lowest unique bid
Bid 7: £0.85
Check out the
Taking Part section to find out more on how you can get involved.