About a month ago, I got an email from a friend that asked if I was interested in participating in a dit bet. I looked it up and thought this really seemed right up my alley.
I love the tagline on the Dietbet app… “Lose weight with your friends while taking their money.”
The premise of this website is to encourage people to lose weight through betting their own money on their success. My particular game lasts for one month and you are required to lose 4% of your body weight for a $25 bet. Y’all know I’m unemployed now so I NEED to win my money back!
I’m doing a “Kickstarter” which is 4% in 4 weeks. The other type of bet is the “Transformer” which is 10% in 6 months. If you enter and don’t meet your goal, you lose your money. But if you meet your goal, you win the pot minus the fee Dietbet charges. The fee that Dietbet charges for my particular game is about 10% percent of the total pot, but they guarantee you will at least get the amount you put in for a bet back. (They will adjust their fees so you won’t lose money if the payout ends up being less than what was paid to get in the game.)
People can create their own games or join one of the many open games that are started by Jillian Michaels, Chris Powell, bloggers and regular people. I thought it seemed pretty legit and was anxious to try and win some money.
My game has 707 players and a pot of $17,700, and the Dietbet fee is 1770, so that leaves a pot of $15930 to be divided amongst the winners. If 75% of people (531 people) then my take would be $30. Nothing to get excited about, but that’ll be $5 profit, which is about 20% return on my investment, not to mention the benefit of improved health that comes with dropping almost 11 pounds. So if only half of the people registered meet their goals then my share would be $50! Doubling my investment is definitely something to get excited about. So I’m going to have to hope that at least half of the people don’t meet their goal… I know that’s horrible of me isn’t it?
On March 5th I weighed in at 271.2 and in order to win the bet, had to weigh 260.2 by this Sunday. This morning I weighed in at 262.4, I think that’s a little too close for comfort. But I really let my weekend really derailed me and left me farther from my goal than I’d like. my trainer seems to believe that it’s possible, and I know my weight fluctuates almost daily so I just have to hope that when I weigh in the scale is being kind! 2.2 pounds in two days may sound far fetched, but I weighed 265.4 yesterday morning.
Are you nervous for me? I am. I thought oh I can lose 10.8 pounds in a month, no problem. But the problem comes with all of the fluctuations. FRUSTRATING! So hopefully on April 4th I’ll be having a “light day” or I lose so much weight that my little 1-3 pound fluctuations won’t even negatively affect my goal.
I’ll definitely let you know the results either way, I’m hoping for the best!