An iPad for $2.82, or illegal gambling?[ Fri, 18 Feb 2011 11:00:55 GMT ]Here's a puzzler: How can a website sell a $10 Walmart gift card for 26 cents and still make money? Or sell an Apple iPod worth $100 for $3.30 and make an enormous profit? Welcome to the wild world of penny auctions, where nothing is quite what it seems and everything costs money — even the bids themselves.