I was able to lose the 10lbs necessary for a 4% reduction in 4 weeks to win a DietBet. For any interested in some statistics, here you go:
- It was $30 to compete. My actual winnings were $43.87.
- The “pot” was $66,210 with 2,148 players each paying $30
- 1132 ended up losing the 4% and winning – that’s a 52% success rate
- If you multiply the winners by the winnings you get $49,660.84
- DietBet themselves kept $16,549.16, that’s 24.99% so… 25%
- So the REAL winner is DietBet =)
- I signed up for a second one a week after the first started and it has a $143,610 pot; that means DietBet made $36,000. That’s nuts.
I probably won’t be doing another one. Yes it was good motivation but $14 is barely worth it. I guess I have to be a mean guy and hope less people win the second one. If more than 3590 people win then I don’t even break even on the $30 I put in.
Hi Chris, you will still get your $30 back, no matter what. Diet bet uses that money to pay all the people who “refereed” the game, and then probably keeps money for the company. But, it says in the rules that if more people win than expected, everyone will at least get their money back. So don’t worry. :)