You didn't win if anyone else bid in the same round.
Think of it like this: your bid entitles you to another chance to bid in the following round.
You only win when nobody else bids in the current round.
(of course, if NOBODY bids in the current round, then the winner is the last bidder in the previous round)
Try to avoid bidding wars where 3 or 4 people are bidding in the knockout stages.