So you queued up all day yesterday in order to bag yourselves a few consoles in order to sell on Ebay, right? You thought you'd be able to make a tidy profit from the hordes of gamers desperate to get their hands on the console from day one? You couldn't be more wrong.

We've heard tales of people who last night queued up to buy half a dozen consoles in order to sell on EBay in the hope that they would make a tidy profit, but the fact of the matter is, they are totally screwed.

Yesterday would-be EBay-profiteers shelled out between £425 for the standalone console to £570 for a three game bundles and immediately whacked them up on the trading website in the hope that they would sit back and watch the cash roll in. Take a quick look over on Ebay and you'll see that they're losing out big time. As I write this, there are dozens of PlayStation 3 consoles on Ebay, some of which have already sold at over £100 less than retail price and others that look to be heading that down that same route.

Check out this if you need proof :

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If you scroll down the list of PS3s for sale it's clear to see that those people who have set a reserve price of £425 or more aren't getting any bids. Not only that, but it appears as though some sellers are using reverse psychology by making it look as though someone has bid £600 or more on the console. Don't be fooled, these are obviously fake bids, because they only have one bidder and why would anyone pay £600 when there are plenty of consoles with no reserve that you can pick up at a bargain.

This loser has been well and truly shafted. He's £100+ out of pocket!



It appears that many people hoping to make a profit succumb to the hype surrounding the console and really did believe that it would be sold out on launch day - With only 4 hours to go this guys bid has only reached £325!

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Take a look to see how Wii is currently doing on Ebay and you'll see that it's still selling at way above its retail price and during the first few weeks of launch was selling for up to £500, 3 times more than its retail price. The same can be said of the Xbox 360 when it launched with consoles selling for up to £1,000.

It's a sad state of affairs for Ebay sellers, but it's great news for those who want to pay less for their PS3! They're bound to keep coming down in price so if you want a PS3 at a bargain price, Ebay is the place to go!

Don't forget to check out our comprehensive Sony Playstation 3 review!