‘Jumping’ is a strategy people use to win auctions on MadBid. You jump an auction when you join it late, after many bids have already been placed. Here’s how to do it right.
Let’s suppose there’s a Buy It Now (BIN) auction for an iPad 3 running. The BIN price is £595. The first thing you need to do is calculate how many bids you would have to place to BIN the auction. Assume credits cost 5p each. Bidding on an iPad costs 8 credits per bid. 8 * 5 = 40. 59500 / 40 = 1487.5 Bid on the iPad 1,488 times and you will have spent £595 worth of credits. At this point, you should use BIN, as there is nothing to be gained by carrying on bidding. Once you’ve BINed an auction, you aren’t allowed to continue bidding on it (for your own good). That’s it.
Let’s say you’ve been watching this iPad auction from the beginning, but haven’t been bidding on it. You notice that bidder X is autobidding on it, and no one else is. You can assume that bidder X will BIN the auction after placing 1,488 bids.
When to jump
How will you know when he has placed that many bids? Easy. You just have to double 1,488. When the auction price reaches £29.76 you can assume that bidder X will have bid around 1,488 times. Now is the perfect time to jump the auction, as bidder X is (probably) about to stop bidding.