Well, the rate at which crazy people kept joining my diet bet appears to have slowed.
A friend of mine (the one who started my new Diet Bet addiction) just finished her Diet Bet and shared a couple new details about the challenge.
So this is how it works. Say 10 people go into a Diet Bet. They have a $25 bet (like mine above).
10 times $25= $250 total in the pot.
At the end of the diet 5 people didn’t reach their goal so they get nothing. The other 5 people split the $250 after DietBet takes a 15% fee off the top.
$250 pot
15% = $37.50
Which leaves $212.50 in the pot for the five people to split.
They each get $42.50.
So basically, we all wish we’d come up with the DietBet business plan right? While we’re working our butts off (literally) to win our bets, the website gets paid no matter what.
While I’ve never heard of a DietBet where everyone lost 4% and won the bet, let’s say that happened using the numbers from the examples above.
$250 in the pot subtract the $37.50 for DietBet fees which leaves $212.50 again.
You’d divide the $212.50 by 10 and each of you gets $21.25
And yes $21.25 is less then your $25 buy-in. So you lost $3.75 even though you still lost 4%. Because everyone lost 4%.
I’m completely okay with that. I can’t buy a beer at a baseball game for $3.75. If paying $3.75 would help me lose 4% of my body weight I’d be handing out money to everyone around me.
I’m now 10 days into my revised diet and 8 days into my DietBet and the weight is coming off. WOOHOO!
Tags: CarbKiller, Dietbet, Dietbet fees, MY Fitspiration
Okay, here’s my question. Is this an honor system thing? How do you prove you lost 4%? Are you required to record your weight with a picture or something?
I’m really interested in this and am waiting til you finish your bet to hear the end result…
Yes.. you use a photo. I just joined. Also, I believe they changed their policy so if you lose the weight you are guaranteed to get your money back.