I made 4 bets totaling $125+ on Dietbet.com. Those bets generally were me saying that I could lose 4% of my overall weight within a month. The first bet ended this past Monday, July 17.
My First Bet
I started at 175.4 and needed to hit 168.4 in about 3 weeks since I entered this $35 campaign a week after its official start time.
My plan of attack was to track my food intake using My Fitness Pal (a free app) and change very little else. I already strength train with a neighbor friend, Debbie, twice a week. My cardio is usually infrequent and with friends like William and Dee.
About 6 days into this first bet, I felt pretty dumb. 7 pounds in 3 weeks is 2.34 pounds per week. I usually lose 1-2 pounds a week during a diet. Plus my weight fluctuates 1-3 pounds every day. So I would need to truly have no cheat days and hope to get lucky during the 48 hour final weigh-in period at the end if I was super close to the 4% mark.
I was super close.
The final weigh-in needed to be submitted sometime between Monday early morning and Tuesday late night. My Monday and Tuesday were booked up with pet sitting and I retain water when I’m stressed, so I did my weigh-in 15 minutes after the closing bell of the campaign…at 2:15am on Monday morning (I’m in the Central Time Zone).
I changed into the same outfit I wore for the official weigh-in, pushed the button to start my final weigh-in process, wrote the requested test word on a piece of paper, grabbed our scale, and walked myself up to my husband’s office. I asked him to take my full body photo since we don’t own a full length mirror. Then I took the photo of the scale from my perspective on top…
Yep, you read that right. I beat the 4% mark by 0.2 pounds. I sent in those pictures and my final scale result and then crossed my fingers that nothing would go wrong.
I had the email of congratulations for winning by the middle of Monday. Then I waited out the rest of the 2 days for everyone else to submit their stuff. On Wednesday night, I received the email with the final total we would all receive…
So, I made back my initial $35 plus $12.31. Out of 1523 players, there were 845 winners. Dietbet kept 25% of the total pot and the 845 of us that hit the 4% loss goal divided the rest.
My Feelings About It All
Yay for losing the 7 pounds but $12.31 is definitely not a WHOO-HOO amount. I’m supposed to be happy that I basically got paid to lose weight, but I was expecting a bit more cash for all the extra mind space this used for the last 3 weeks. So, I stick out my tongue.
The Rest of My Bets
My other two 4% campaigns (aka Kickstarters) end next week – July 24 and July 26. The first round of my 6 month campaign (aka Transformer) ends July 27 – that campaign has an overall goal of losing 10% but breaks that down into small monthly goals that also can win smaller parts of the pot.
I just need to keep off the weight I already lost or lose some more (but no more than 12% of my starting weight) to claim winnings in all three pots by next Thursday. Then I will simply keep going for the 6 month campaign since I am so annoyed with Dietbet right this second that I refuse to lose any money at all. It’s either win every pot I entered so far or get pregnant so I can get a refund and withdraw from the last months of the Transformer bet without ever letting anyone keep a cent of my $125 plus the ongoing monthly $25…
I’m not sure if I’m annoyed because Dietbet keeps so much of the money or just because I was expecting to nearly double up and didn’t. Probably that second part… I’m weirdly proud of whoever created Dietbet and the big bucks they’re raking in just because people like me need some monetary motivation to stop eating so much junk food and/or to exercise more.
Positive in General
In the end, I did lose 7.2 pounds and got paid $12 minus Paypal fees for doing that. A 33% rate of return to lose weight should probably not be pooped on by little ol’ me.
For anyone else who may be interested, I read on other sites that you can make very similar money on the $10 and $15 Dietbets. Fewer people stay in when they have very little on the line, so a $10 bet can turn into $25 even after Dietbet takes a cut.
Yep, great info to come across after throwing $125+ against to wall to make a diet stick…hehehehe.
FYI: I worked at a dead end cubicle job from 2005-2011 for about $30,000 per year. I went self-employed in July 2011 and make between $70,000-$90,000 through blogging, professional pet sitting, hubby's reffing, and our rental home. If you’d like to start your own site (link to my free step-by-step guide), I highly suggest checking out Bluehost (my referral link with a nice discount for you, PLUS a free custom header banner from me!). Please contact me any time at budgetingfunstuff*at*gmail*dot*com with questions or just to brainstorm! I’d love to help!