I’ll admit, I am a pretty competitive person. I also don’t like to lose money. I learned about Diet Bet years ago when a friend of mine did it, but I never tried it. Because of these two attributes I possess, I find it ironic that I have never taken the plunge before now. Maybe deep down I knew I wasn’t ready to commit and I can assure you, the only thing worse than losing is losing money when it’s entirely under my control!
I decided to have some fun with these money making opportunities. I looked at both DietBet and HealthyWage, and decided the options on DietBet were more flexible. However, I received an email from HealthyWage offering me an additional $40 on top of my prize for the individual challenge and I have now decided to try them both.
So for both sites, I have a short-term and a long-term bet. On my HealthyWage individual challenge, I hope to double my investment (this is the only one that has a guaranteed pay out). I didn’t bet much, in fact, I made this bet to be comparable to my DietBet long-term bet, both in terms of dollars invested, amount lost, and time frame. Both long term bets are 10% in 6-months. I also have a short-term bet on both sites. For HealthyWage, its 6% in 12-weeks; for DietBet, it’s 4% in 4-weeks.
Both sites also have step challenges. DietBet calls their partner StepBet, and HealthyWage has it under the same app/website. I entered both to see which site gives the better payout, but definitely like the approach on HealthyWage better. HealthyWage takes your median number of steps over the last 45-days and increases that by 20%. They then multiply that by 60, to get the total number of steps you have to take in order to “win” the 60 day challenge. The great thing is that for challenges that have already started, it takes your step history from your FitBit, so the steps you have already taken in the time frame count. StepBet does it differently. It’s a 6-week challenge, but the first week doesn’t count against you (i.e. you can’t be eliminated). For each week, you are required to hit 4 active days and 2 power days, based on step counts that the app determines (I’m not sure where the numbers come from other than your step history). If you don’t meet this after week one, you are eliminated. I love how you know exactly what you have to do in order to be successful for both of these sites.
I will write back when my challenges are over to let you know how I did financially. I am not expecting to make much money, but I will do everything in my power to not lose money. It’s probably best to not start out with so many bets, but I thought this would be a good way to determine which site is better. I also worry about the difficulty increasing once I meet these first set of goals, so I thought now was my best chance at success!