Swoopo had a great idea for an auction, let users pay to bid, leaving the winner to save plenty on a winning auction. However in the process, Swoopo seems like a scam, making users pay for each bid, making Swoopo tons of money, leaving the winner with a small discount.
How Swoopo Auctions Work
A user bids and the price increases. At the same time, when a bid is received, time is added to the bidding clock. The time runs out when no new bids are received. In the end, any losers who bid on the item and didn’t win lose their money, and the winner still has to pay for the item. The result? The losers subsidize the winner and Swoopo make out big.
Swoopo already has sites in Spain and Germany doing quite well. While you could win, making Swoopo not entirely a scam, keep in mind that it is like gambling. If you don’t win, you lose your cash.
Check at Swoopo at Swoopo.com