A month ago, we told you about new penny auction site, CashArena.com, that was in BETA mode while preparing for their official opening today, August 1st. CashArena is a penny auction site that offers live cash auctions, something you don't see very often in the penny auction industry. Each winner of an auction gets money directly deposited to their account; no waiting or shipping fees.

"Each cash amount is always related to a particular "Colorita". You use Coloritas to play games located under the auction area. Each auction has its own Colorita symbol. The more players bid on an auction the higher the chance of winning Coloritas. Coloritas will let you take part in the progressive Reward Game and Lowest Unique Game." -CashArena.com

Users can purchase bid packs, with bids costing max. $0.70 each in the lowest bid package. Instead of waiting for their favorite item to go on auction, or bidding on an item they might not even need, users can choose from 5 different live auctions as low as $10 to as high as $250. CashArena is only in U.S. Dollars (USD) and opening during the peak hours of North America, the penny auction is open to users around the globe.

CashArena is operated by CoMoGa, an international corporation with offices in Canada and the Czech Republic. CoMoGa was responsible for one of the first successful penny auctions in the Czech Republic, Bonus.cz. CoMoGa is owned and founded by season entrepreneurs who have put together a passionate team around the globe with the goal to make a simple, one page, action-packed, penny auction that takes users beyond the typical penny auction model.

A PennyBurners member, Sandman, left the following review for CashArena.com on the PennyBurners Penny Auction Forum:

"I have tried it, it is a unique experience. But I do say the drawback to it is those spinning wheels get annoying. I think it is more in line with gambling than anything. Reminds me of a virtual scratch off lottery ticket with different games to play... I used all my bids, tried to really get the hang of the spinning wheels and when to bid. The funny thing is that there is a bid all button and that seems to be where it works best."

Traditional penny auctions are not considered gambling; to read why, please click: Are Penny Auctions Gambling? However, as CashArena auctions off money, is this more akin to gambling?

To discuss this topic and to leave reviews and feedback for CashArena.com, please join the PennyBurners Penny Auction Forum. It's free to register and fun to participate!