It should be clear that bidding in video games is a form of gambling that is absolutely prohibited in Shari`ah.
Dr. Monzer Kahf, a prominent economist and counselor, states: The opinion that horse/camel racing is permissible if one of the racers does not contribute money is a small minority opinion and is restricted only to racing horses, camels and competitions of arrow throwing. It certainly does not apply to video games.
Video games are pure entertainment while the scholars who offer that opinion specifically mention that such races may be part of military training and this is the objective of its permissibility.
Bidding in video games is a form of gambling that is absolutely prohibited in Shari’ah. By the way, wasting too much time on video games, even without bidding, is also prohibited!”