File this one in the case of ‘why didn’t i think of that’. Swoopo.com is a mix of ebay/woot and gambling all rolled into one.

The site employs an auction model for a select set of goods where each bid on an item costs $.75. Each time a bid is placed (bid increments are anywhere between $.01 and $.15) the auction is extended however the item usually ends up selling for a fraction of the retail price.

It’s a crazy addictive model and it looks like it’s working (items end up accumulating enough bids such that swoopo’s take is greater than the suggested retail price for the item). Definetly one to keep an eye on. Why didn’t I think of that!