LUCKY MALL GUARANTEE:
Each product has a set timeout for bidding, if all the bids set for the product were not sold before timeout, the draw will be automatically carried out, and the winner emerges, then the winner is entitled to enjoy 70% of the revenue of all bids sold as cash prize. If just one bid was placed on a certain product before timeout, Luckymall shall return the bid amount to the user's wallet.
A user may choose to bid on a phone worth ₦100,000, the number of bids is determined by the retail value of the product divided by the bid price. For this product, the number of bids will be 1,000 at ₦100 per bid and the draw is set for 48 hours.
The user may choose 1 or more bids to increase his/her chance of winning and make payment from his/her funded wallet.
As soon as 1,000 bids have been placed, the draw will be automatically carried out and a winner emerges. This will be the case even if the bid is complete before the 48 hourstime limit.
Alternatively, if less than1,000 bids are placed, a draw will be carried out once the 48 hours expires. In this case, Luckymall will pay the winner cash equivalent to 70% of the bids sold amount. For instance if 800 bids are placed, the sum of ₦80,000 will be realized. In this case, the sum of ₦56,000 (70% of ₦80,000) will be paid to the winner as cash prize.
If just one bid was placed on a certain product before timeout, Luckymall shall return the bid amount to the user's wallet.
All users can view the bid records for each product by clicking on "Winner" menu on the website or App for Fairness &Transparency. There is always a winner from the bids pool for each product on the platform.
This is the LuckyMall Guarantee.
T & C Apply.