reverse auction

[discoinferno]

pls can someone explain how it works?

thanx!

[buildersmate]

Suppliers bid to provide a product or service to an organisation, in response to a clear specification written by the organisation that wants to buy. The lowest bidder wins.

[discoinferno]

ok, thanx, so when it relates to footie tickets its saying offer a little price and the one with the smallest will get the tickets for that amount?

[dzug]

No - you ask several different people to sell you the footie tickets at a price they must quote. You then buy them from the lowest offerer.

[buildersmate]

What you are describing doesn't sound like a reverse auction. Maybe you are talking about one of those versions of a lottery where people bid by paying good money for a service and the lowest UNIQUE bid wins. So a valuable car maybe worth �10k is offered and people in their thousands bid a few pounds, but maybe the person that bid �21 was the only person bidding �21 so he gets the car. The promoter makes his money many times over from the dumb punters who all piled in low, and got nothing. THAT'S a lottery.