World's first 'winmarket' launched in UK

A new loyalty shopping website has launched today but instead of paying points to set against goods, Yipiii offers users the chance to win items they are interested in purchasing for free.

The "winmarket" concept is new and involves users depositing money with the site – which is thoroughly licensed by the European Union – which they can then use to either purchase an item from the participating retailers or gamble in £1 units in order to win the said item.

Crucially, though, if the user fials to win the item they don't forfeit their £1 stake but it can be used as a discount when eventually a purchase is made.

The site, the first of its type in the world, is regulated and users' cash is held in escrow. Many of the UK's biggest retailers have signed up to Yipiii.co.uk including Amazon, Boots, M&S, Dorothy Perkins and Currys.

In total 700,000 items are available to buy through the site and any purchases are made with the retailer not Yipiii, ensuring full consumer rights and the ability to return faulty goods with ease. An introductory offer will see a free 50 per cent top-up of £1 plays. So someone depositing £10 will be able to put £15 towards either winning or buying an item on the site.