A website is selling property based on a winnng bid of less than 5% of the property value. Each bid costs $5. The property for auction is valued at about $350,000.
If this website for eg attracted 50,000 people at an average spend of $20 each they would realise 1 mil in bids alone.
Sounds like a raffle to me, however it isn't and no closing date is specified.
Wonder if I should start an auction for my house