With the approval of all the Bookmaker Associations (NAB, ARB, BRBA and RBA), AGT is introducing 'overtime bidding' for online auctions from 25th February 2020. This means that the end time of the auction will be extended by a further minute whenever anyone places a bid in the last minute before the advertised ‘hammer time.’ For example: -
- Auction is due to end at 13:00:00.
- Someone places a bid at 12:59:45.
- The hammer time is automatically changed to 13:00:45.
- If someone then places a bid at 13:00:29, the hammer time is extended to 13:01:29.
- This will continue until there is no further bid within the last minute, indicating that the appetite for bidding has finished.
- Escrowed bids (i.e. higher bids left ‘in the pot’ by earlier bidders) will be treated exactly as they always have been – i.e. they will be used only if necessary to outbid competing bidders.
We have taken this step in an attempt to counteract ‘snipe’ bids, where bids are lodged at the last possible moment to prevent competing bidders from submitting a rival bid.