Online penny auctions and online poker have a lot in common. If you are a poker player then making the transition to penny auctions should be relatively easy. Our background comes from online poker, which is has a lot of similarities with online penny auctions. Penny auctions and poker are both games that utilize skill, luck, chance and psychology, to only name a few! To win penny auctions you have to develop a strategy that fits your particular style, budget and comfort level.
Here are some similarities between poker and penny auctions.
- Both are competitive games
- Both are you vs everyone else
- Both involve skill
- Both involve luck
- Both involve bankroll management
- Both are psychological battles
- Both involve winning with well timed aggression
- Both involve knowing when to fold
- Both reward aggression and punish passive play
- To win at either, you need to be cut throat
- Both are not games for the weak willed
- Both games can put you on massive tilt if you are not careful
- Both require research and strategy to do well
In addition to the similarities in the game, there is also a big similarity between the evolution of the online poker market and the penny auction market. Today, the boom and popularity of penny auctions are rising, very similar to what happened in the online poker market back in 2004-2006. We were around in the beginning of the online poker market and saw many, many online poker sites come and go. So much so that we decided to make a site listing the best poker sites online and studied the top poker strategy online. Today, penny auction sites are experiencing their own boom and surge in popularity. The same thing is happening in the online penny auction world. Hundreds if not thousands of auction sites have popped up but over the past year. The vast majority of these are underfunded, poorly managed or straight out scam penny sites.
This is almost identical to the early days of online poker. Where wave after wave of poker sites popped up over night only to go out of business shortly later. Many sites failed and many players lost their money. We have seen the same thing happen already in the online penny auction market. People see the established penny auction sites making great money and think that it is simple to do as well but do not realize the true nature of the penny auction business model.
Do your research before putting your hard earned money online at a bidding site and make sure you decide to play at a reputable, safe penny auction site. The sites we list on BestPennyAuctions.net are be a good starting point for you to explore the different types of sites available and to help you find a safe, reputable penny auction to play on.
Are Penny Auctions Gambling Like Online Poker?
So, are penny auctions gambling? This is penny auction secret that none of the penny sites want to say. They of course claim that this is entertainment shopping and not like gambling games of chance at all. Yes, fine that is true and to be fair some of the auctions have a buy it now feature where you get a percentage of the cost of the bids you spent for that item, so you are not really risking money. Some aspects of online penny auctions are indeed very similar to online gambling as this wired.com article explains.
None of the penny auction sites come out and say it, and none of them are too happy that we are discussing it here, but penny auctions are more or less a new type of online gambling. You are risking your money to play. Of course the penny auction sites themselves will never say that.
There is nothing at all inherently bad about gambling, as long as you are an adult and understand the risks. Especially skill games like poker and penny auctions. If you have a gambling problem then penny auctions are probably not for you. Sure you are not playing with cards or casino chips but a lot of the dynamics are quite similar, you can lose money and there is no guarantee that you will win the item unless you are bidding at a site that uses a buy it now feature.