They are currently offering £1000 cash and the current winning bidder has offered £99.80 with 4 hours and 4 minutes to go. click here. If he wins they take his bid from the cash and send him the balance post free! Am I missing something?
So for £10 say, you buy 6 chances to bid. You use one bid up by bidding £99 for an item, but if someone outbids you, you need to bid again and then your down to 4 bids. If you run out of bids, then you need to buy some more. This is where they make their money.
Oh it's not the first auction website of its type. Price Plummet launched last year and was the first auction website where the price is driven down by every bid. BidsNBobs seems to just be a cross between Price Plummet, and an ordinary standard penny auction website.
I highly recommend you check out Price Plummet - the price doesn't just go down by 1p per bid, it goes down by 10p! Plus Price Plummet has several different auction types, each with their own feature buttons which enable you to manipulate the auctions in different ways. It's far more unique than BidsNBobs and has been around longer.
If you sign up to Price Plummet you get 4 free bids - well worth having a go.