Pay to play the savings game at Swoopo.com

As eBay shoppers shrink due to frauds and automated bidding software, Swoopo, a pay-to-play auction site is jumping into the action.

What is Swoopo? It's an online auction site for the U.S., Germany and Britain that charges 60 cents per bid. The charges add up fast, and the odds of winning are small -- especially since you're playing against two other countries.

The New York Times features an article on the pay-to-play site and points out the huge savings possible at Swoopo. "This month, a new 40-inch Samsung TV, which normally sells for $1,500, sold for $67.92, and a white LG refrigerator with a price tag of $1,498 went for a cool $77.90."

However, these savings are similar to winning the lottery. The odds are very much against you. The upside? If you know you will lose the item to another bidder, you have the option to buy the item at full retail price. The catch is that the full retail price is much higher than you will find it at Amazon.

The downside to Swoopo? One 60 cent bid turns into a second 60 cent bid which turns into multiple bids, and before you know it someone else has won the item up for auction. Much of the revenue is said to be used by Swoopo to advertise customers for the site, in order to double its registered users. Swoopo had 2.5 million users in July.

If you are looking for a bargain, we advise that you don't shop at Swoopo. If you are willing to pay for the item full price, and enjoy entertainment and excitement for your shopping experience, then check out Swoopo here.