By Jeffrey Strain
Would you be willing to put money where your mouth is and bet that you could lose a certain amount of weight over a certain amount of time? If money is a motivating factor to help you accomplish goals you want to achieve, then the social dieting website DietBet may be exactly what you’re looking for. It’s a site that lets you bet on your own weight loss and allows you to make money if you lose the weight. The catch? If you fail to reach the weight loss goal, you lose the money that you bet.
The system worked for Sara Luggar who, according to CNN was able to make more than $330 while losing 140 pounds.
Here is her before:
The reality is that in order for her to make that amount of money, many others who were trying to lose weight along with her ended up failing. Here’s how the DietBet system works:
Weight Loss Bets
There are two ways that you are able to bet on your weight loss on the site. The first is a 4-week (28-day) challenge called “The Kickstarter” where the goal is to lose 4% of your body weight. The second is a 6 month challenge called “The Challenger” where the goal is to lose 10% of your body weight. You look through the site for a challenge for the amount of money that you want to join, or you can create one for yourself if you want. The amount you can bet ranges from $10 – $500 which you deposit when you make your bet.
For example, as I write this there is a “Spring is Here!” 4-week game open to anyone with $100 bet and 194 players making the current pot worth $19,400. If you join and lose 4% of your weight over the 4-week period, you would split that $19,400 (less the 20% fee the site takes for bets between $100 and $249) among all the other players who succeeded in losing 4% of their weight during the game period. If you fail to lose that 4% weight reduction, you lose the entire $100 you bet.
The key to how much money you earn is that the payout depends on how many of the participants in the game you’ve signed up for manage to succeed. The more players who fail to take off 4% of their weight, the more money those who do succeed get paid. It’s also possible that everyone participating succeeds, in which case you would get your money back, but not earn any money.
Can You Get Paid to Lose Weight?
As the Sara Luggar story suggests, if you are able to meet the percentage reduction of weight during the game period, it’s certainly possible to earn money this way. It’s also quite clear from the same example that there are a lot of people who make the bet thinking they can lose the weight, but ultimately fail. If betting money is a motivational tool that helps you succeed, then this can be a good way to make some extra money while getting down to your ideal weight. As a bonus, you’ll likely also be saving money as you lose weight as well. On the other hand, if you think that making the bet will not make it easier for you to lose weight, you’re likely going to be one of the many who is helping others get paid while you lose your entire bet.