DealDash Gambling

Seen the ads on TV for Dealdash.com? How is this
crap not illegal gambling.

This is how it works. Say you want an item that costs
$200. So you buy $75 worth of bidding credits, that's
how much you want to spend. So you start bidding
against, say, ten other bidders who have bought $75
worth of credits. The credits are in pennies, so it looks
like the item is selling for $26, or whatever. The person
who wins is the bidder who puts in the final high bid.

But. All the other 9 bidders have lost most of their money
trying to buy the same item. So they buy more credits
and by the time they actually win an item, they've spent
3 times what it's worth.

It's the same as a slot machine, how is this even legal?

I've often wondered the same thing. quibids.com is essentially the same thing I believe.

Perhaps it is illegal just will take the "governing" authorities a few more years to figure it out.

I think it is a brilliant business model and it must be successful because there are multiple sites doing the same thing.

It's worse for people who get lucky and win the
first item they bid on. They think they've discovered
a gold mine and dump hundreds of dollars into bidding
and never win anything for weeks.

Quote: EvenBob

It's worse for people who get lucky and win the
first item they bid on. They think they've discovered
a gold mine and dump hundreds of dollars into bidding
and never win anything for weeks.

So its basically a scratch off.

Im not sure about this new site that your talking about, however if you take a look at the more popular sites closely, if you don't win the penny auction yourself, if you wish to buy the item you bid on, you can apply what you spent on bids the the actual (slightly inflated) price of the items. So its a free shot at a low price, if its something you were going to buy anyways. If someone had an outlet for selling items they may be able to turn a profit.

Quote: AxelWolf

Im not sure about this new site that your talking about, however if you take a look at the more popular sites closely, if you don't win the penny auction yourself, if you wish to buy the item you bid on, you can apply what you spent on bids the the actual (slightly inflated) price of the items.

So if you lose the auction, you can buy the
$200 item for $250, and apply the $75 you
lost to it? Yet another scam.

I did quibids a little when it was new. I basically broke even, but my in-laws hit it big. basically, you pay for the right to bid. each bid is a few cents. assuming you bid 20 times, you pay a few dollars whether you win the item or not. that's how they make money. if an item sells for $10, that's 1000 bids @~$.50(?). $510 for a $300 item is easy money.

but, that money you spent isn't all lost. I know quibids had a deal where you could pay full retail for an item, minus the cost of your bids, plus shipping. for example, I would spend $30 trying to win a $200 giftcard to walmart. I didn't win it, so I can pay the remaining $170+shipping (usually $1). so, in the end, I paid $201 for a $200 giftcard. I would spend that much at walmart anyways, so it's not a big a deal to lose a dollar. and I had the chance to only spend $30 (or less) and come out ahead $170? hell yeah its worth the risk.

the problem is, how many $200 giftcards do I really need? 1... maybe 2 a month. logging on, reloading my account, constantly checking auctions to see if any are possible wins and NEVER coming out ahead month after month... it got old. but, like I said, my in-laws got big ticket item for way cheaper than retail.

Your in-laws won the lottery then basically. I wonder what the -EV for this is?

Quote: EvenBob

So if you lose the auction, you can buy the
$200 item for $250, and apply the $75 you
lost to it? Yet another scam.

Or you can shop at Sears and spend $300. I have seen some competitive pricing on the sites in the past. If one had the time and Patient he might find a +EV situation.

It might be worth a shot when Christmas shopping.

Quote: EvenBob

So if you lose the auction, you can buy the
$200 item for $250, and apply the $75 you
lost to it? Yet another scam.

Sorry Bob I think you jumped the gun on this one. Sometimes you need to look at things closer, with an open mind. This kind of reminds me of when people say, how can a 100% loss rebate be good, if I have to lose first? This is why the site makes so much money, some Idiots don't explore all the options available, they make their bids lose and cut out. Its kind of like the people at casinos who play a 5/6 jacks or better VP, meanwhile a vacant 9/6 is sitting on each side of them.

The first I heard about this type of site was Swoopo. They went bankrupt and their site now redirects to DealDash.

I'm surprised they haven't been challenged for being illegal gambling, essentially.

Quote: AcesAndEights

The first I heard about this type of site was Swoopo. They went bankrupt and their site now redirects to DealDash.

I'm surprised they haven't been challenged for being illegal gambling, essentially.

I have to disagree. If you can buy the items for retail after, and apply your lost bid money to the purchase.

buying stocks now that seems like gambling to me

Quote: AxelWolf

I have to disagree. If you can buy the items for retail after, and apply your lost bid money to the purchase.

buying stocks now that seems like gambling to me

I haven't looked in detail at the "second chance" feature at retail. Swoopo didn't have that feature.

Stock market is like gambling but with a player advantage if you know the right strategy.

Quote: AcesAndEights

I haven't looked in detail at the "second chance" feature at retail. Swoopo didn't have that feature.

Stock market is like gambling but with a player advantage if you know the right strategy.

Are you sure he didn't have that feature? Most people don't know about this, as already proven here I have yet to see one that didn't have something like this. Perhaps it was hidden in the terms and conditions

Quote: AcesAndEights

Stock market is like gambling but with a player advantage if you know the right strategy.

Same with gambling in the casino, The stock market is great, If you know what your doing.People often fool themselves thinking they have IT when it comes to picking stocks and keno numbers. For the average person its all just gambling. At least in the casino I can calculate My advantage. In the late 90's everyone was a day trader, in about 04 to 2011 Everyone was a Pro gambler. I could Just mention gambling to someone, I always hear them say they have an uncle, brother or friend who beats the casinos for a living.

It all boils down to one thing, you can’t get something for nothing!

I always say if it says free, run the other way, if you think you are going to get something for next to nothing, run as fast as you can!
Common sense should tell you that, there is no way that these site can give their stuff away, and you’re going to pay a high price for whatever you think you’re going to get cheap.

Quote: superrick

It all boils down to one thing, you can’t get something for nothing!

I always say if it says free, run the other way, if you think you are going to get something for next to nothing, run as fast as you can!
Common sense should tell you that, there is no way that these site can give their stuff away, and you’re going to pay a high price for whatever you think you’re going to get cheap.

Hogwash, that's just a Myth. Lots of things are given away for free, one just needs to know how to take advantage of it.

You must have met my niece or my brother. :-)

Quote: AxelWolf

Are you sure he didn't have that feature? Most people don't know about this, as already proven here I have yet to see one that didn't have something like this. Perhaps it was hidden in the terms and conditions


Same with gambling in the casino, The stock market is great, If you know what your doing.People often fool themselves thinking they have IT when it comes to picking stocks and keno numbers. For the average person its all just gambling. At least in the casino I can calculate My advantage. In the late 90's everyone was a day trader, in about 04 to 2011 Everyone was a Pro gambler. I could Just mention gambling to someone, I always hear them say they have an uncle, brother or friend who beats the casinos for a living.

You must have met my niece or my brother :-)

Quote: Hunterhill

You must have met my niece or my brother :-)

The first few times I heard someone say this, I was like, REALLY whats his name? Thinking, I might know him. They would go on to tell me how their uncle Bob played roulette, or keno, or video blackjack and always wins money. I gave up trying to explain the difference between a real AP and uncle Bob. People either get it or they don't.

Quote: DRich

I think it is a brilliant business model and it must be successful because there are multiple sites doing the same thing.

That could be but there are always multiple people hawking crap on the sidewalk, solid gold watches, timeshares, etc.

If one man tries to rope you into a Turn Chicken Poop Into Gold scheme.... its a SCAM. If TWELVE men try to do it, its still a SCAM.

I understand however that most of these sites Rape Your Privacy and Market Your Details Like Crazy.

So if you bid for a left underarm lesion lance one day, whether you win it or not, you can go to TV Guide dot Com and find that suddenly TVGuide is pushing an advertisement to you for left underarm lesion lancing procedures and if you visit a travel site you will find that some firm is offering European Medical Cruises that specialize in half price underarm lancing procedures.

Whether its free or not...if you annoy your customers it won't make money.