Unique bid Auction

Launch a unique bid auction with Merkeleon within 2 weeks!

How it works?
Features
Strategies
Contact

Unique bid auction  —is an auction where the winner is the individual whose bid is either the lowest unique or the highest unique. Players pay a fee to make a bid. This type of auction is gaining popularity as it offers stable profits to operators and guarantees exciting gaming experience to participants.

Auction Rules

    • The auction puts up an item indicating its real retail price. Participants have to buy bids for a fixed price defined by the auction owner. It guarantees the owner’s profit even in cases when items worth thousands of dollars are won by very low bids of far less than their value.
    • The participant’s main purpose is to make a bid which will be both the lowest (or highest in another type) and unmatched. If the bid for such amount has already been made by another participant, both bids are considered invalid. Among all unique bids the lowest (or the highest) bid is the winner.
    • Auction participants don’t see other participants’ bids. They see the leader but don’t know the leading bid. However, participants may see a special panel which keeps track of their personal bids. In Merkeleon solution, invalid bids are highlighted red and the potentially winning bids are highlighted green.
    • The auction administrator sets the price step by which bids shall be divisible and the closing time.
    • If no bid appears to be unique until closing time, which is a very rare case, the item is not sold.

*There are unique bid auction with either paid or free bids.

How it works?

In the picture you can see that the amount of 100.50 is the highest bid; however it is not unique because there another bid with the same price.

There are 3 bids of 90.00 which are lower than others. The bid of 80.50 is the only one but there are also bids higher.

So we see that the bid of 95.68 is the only one unique and high.

Merkeleon unique bid auction script includes presents different kinds of Unique bid auctions: the lowest and the highest one.

Merkeleon Unique Bid Auction Features

Bid-agent

Bid agent helps to define the maximum (or minimum) price that a user is willing to spend on a bid. It helps the user to spend less time in front of computer.

Money compensation

At the end of the auction the winner can either get the product he was bidding, or receive money refund from the product owner. The funds will go directly to the payment account user indicates.

End time

Auction owner can set up the end time of the auction. In this case the users can do as many bids as they want until the time expires. In the end the system defines the unique bid and the winner.

Limit bids

Auction owner can set up a limit for the number of bids that every person can make. It allows to make the auction more dynamic as users have only definite number of attempts and they need to follow this or that strategy in order to win.

Buy now opportunity

The module allows the user to buy out the product at the fixed price without waiting the results of the auction.

Winnings conversion

The winner of the auction is able to choose to convert winning and receive the money funds to his account. Later these funds can be withdrawn.

Unique Bid Auction strategies for users

There is no perfect play (a strategy that guarantees a win) in unique bid auction games but there are a few approaches you can take to increase your odds.

continuous

Cover a continuous range of expected values

This approach is good if there’s a large enough budget. An auction player makes all possible bid values starting from the maximum value he or she thinks will give a good chance of winning. This strategy means that a player will spend more funds on bids, but also leaves less chances to other players to win as there are less spots left.

Cover a large range with stepped values or random values

This approach is more budget-savvy.  A player makes bids by defined steps (e.g. 0.7, 0.14, 0.21, etc) or makes random bids from different ranges to cover broad amount of possible values. If a player sees in this case that he’s not winning he can easily track at which range there’s a spot left.

Mix of strategies described

This strategy is even more budget efficient, but at the same time brings much higher risk. A player needs to keep up with the auction process till the end, and of course no bid-agent should be used in this case. Taking it differently this approach saves the budget and brings more fun.

Contact us to know more on Unique Bid Auction!

Leave us a message

bitcoin We accept Bitcoins as payment for our products & services!
© Copyright - Merkeleon e.U., Terms and conditions
Online Auction Software * Trading Platform * Custom Development
Рейтинг 4.9 по опросам более 850 клиентов
Please submit your e-mail address below to jump into our free interactive software demo.

Your Name*

Your Email*

Phone Number

Your privacy is important to us. We will not share your personal information with third parties without your consent.