How to make money by auction bidding and online betting

Normally, when we think of an auction, we associate it with the sale of expensive collectables such as antiques, paintings, jewellery or some other rare items, especially if they belonged to a famous person.

Collectors around the globe though have been using auctions extensively to buy and sell their goods and make a profit in the process. There are thousands of items for sale on the internet, which makes it easy to find the desired object and bid online.

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Auctions – essential information

Online purchases can be made using any common payment methods, such as Visa and Mastercard as well as various types of eWallets. The goods are grouped in categories, which are listed in alphabetical order. Apart from traditional coins, stamps and banknotes, you can also find software, video games and art.

There are two main types of auctions:

1. English auction is the most common type of auction nowadays as it involves a series of ascending price bids. The auction takes place openly and bidders call out their bids verbally or place them electronically. The auction stops when no participants are willing to keep bidding and the highest bidder pays for the item. In some cases, however, a minimum price is set, also known as the ‘reserve price’, and if it is not reached, the goods remain unsold.

2. Dutch auction is based on descending price bids, whereby the action is started with a high asking price, which is gradually lowered until a participant is ready to accept the announced price for a certain quantity of goods. This type of auction takes its name after the famous Dutch tulip auction and it is extremely popular when it comes to buying and selling perishable goods, for example, tobacco and fish.

What auctions and gaming have in common

The online world has modified traditional ways of earning money and pursuing one’s entertainment interests. Whilst some people prefer using public auctions to make a profit, others choose real money gambling at land-based or online casinos. Not surprisingly, an experienced collector and auctioneer will find many similarities in the mechanisms that determine their chances of winning.

Here are some interesting examples of what auctions and gaming have in common:
  • Subject knowledge – it is important to understand what game you are playing and have a genuine interest in learning more about the game and its rules.
  • Rules of the game – if you know exactly how to place your bets and when to make that winning move, you are almost at the top of your game. Just like in an auction, you have to develop a sense of moment to be able to recognise the turning point which will steer the cash towards you.
  • Learn by example – watch other players do what they do best by playing such table games as Roulette, Poker, Blackjack and Baccarat, or by spinning the wheel of fortune on dazzling online slots. Observe how the player responds to the opponent’s moves and how they respond to challenges.

Final words

Regardless of your interests and whether you prefer to bid on an auction item or place an online bet while enjoying your favourite online casino game, you can surely do so using the perks of modern technology. Online platforms make it possible for you to pursue your hobbies from the comfort of your home using any device you have available. Have fun!